Stablecoin Payments Firm RedotPay Eyes Confidential US IPO Filing by Year-End at Up to $5 Billion

A Second Run at a US Listing

RedotPay, the Hong Kong-based stablecoin payments company, has returned to work on a United States stock market debut and is weighing a confidential filing with the Securities and Exchange Commission before the end of 2026. The confidential route lets the SEC review draft offering documents while the registration stays private, a step the company was first reported to be preparing in February, when a New York listing of more than $1 billion at a valuation above $4 billion was on the table with JPMorgan Chase, Goldman Sachs and Jefferies attached.

The latest stage of the talks points to a pre-IPO funding round that could value the company between $4 billion and $5 billion, although neither the round's terms nor the filing timetable has been finalized. Four banks are working on the proposed transaction: JPMorgan Chase, Goldman Sachs, Jefferies and Barclays, whose involvement had not been previously disclosed and which declined to comment on its reported role. The renewed preparations were laid out in the report shared on Monday, October 26, which cited people familiar with the matter; RedotPay did not respond to requests for comment.

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The report shared on Monday, October 26.

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The path here has been uneven. Word came in August that the listing had been delayed over licensing requirements and litigation; the company pushed back publicly, stating that “there has been no deferral of our IPO” and that it was “continuing to work with our partners on the IPO process.” In September it reaffirmed the effort after completing a financial audit and a review of its anti-money laundering and counterterrorist financing controls, and a spokesperson has confirmed a US money transmitter license alongside plans to introduce products in the country, though without a firm IPO date. No listing venue, share price, offering size or expected trading date has been announced, and sources close to the preparations caution the schedule could still change.

The $473 Million Binance Claim

The listing effort runs alongside a substantial legal claim. In August, Binance-affiliated companies sued RedotPay's founders, seeking nearly $473 million in damages over allegations that confidential business information, including arrangements tied to Binance Pay, was used to build a competing payments service and divert customers. The plaintiffs claim more than 470,000 former Binance Card customers moved to RedotPay, which denies the allegations and says it is “vigorously defending all claims.” Proceedings in Singapore have added a further layer of confusion: RedotPay has indicated Binance might discontinue the case there, while Binance maintains its claims remain active after an August court hearing.

None of this has visibly slowed the commercial side. Founded in 2023, the company sells cryptocurrency payment cards, multicurrency wallets and global transfers, with stablecoins at the center of the offering, and reports more than 9 million customers and roughly 280 employees worldwide. Its physical and virtual cards let customers spend digital asset balances through supported payment channels, a model that puts it in direct competition with the card programs of larger crypto exchanges. Its annualized revenue is reported to have surpassed $180 million, after a $100 million run rate was reached within 18 months of launch; revenue in the first nine months of 2026 grew more than 50% year over year, and the operating profit margin exceeded 50%. These figures remain attributed to people familiar with the business, as no audited statements establish them publicly. Third-party payment tracking puts the company's 30-day stablecoin card transaction volume at $410.5 million. The balance sheet behind the talks was built quickly: RedotPay raised $194 million through financing rounds in 2025, including a $107 million Series B, with Goodwater Capital, Pantera Capital and Blockchain Capital identified among the investors.

What the $5 Billion Talks Rest On

Two things stand out. First, the legal overhang has not stopped the process: RedotPay completed an audit and an anti-money laundering review, disputed the delay reports and returned to a concrete step, the confidential submission. Second, the valuation case rests on operations rather than tokenomics: the company conducted no ICO and issued no token, so public buyers would judge the equity on its reported 50%-plus margin and $180 million revenue base, figures not yet established in audited statements. A listing would also give US investors direct equity exposure to stablecoin payments, a route distinct from the ETF wrappers through which most American crypto exposure is packaged. The next dated milestone is the year-end filing window; a slip past it would shift attention back to the Singapore courtroom.