Hong Kong-based stablecoin payments firm RedotPay is reportedly preparing for a potential US initial public offering that could raise more than $1 billion. Sources familiar with the matter told Bloomberg that the listing could value the company at over $4 billion.
RedotPay is working with JPMorgan Chase, Goldman Sachs, and Jefferies on a possible New York offering. The IPO could occur as early as this year, although terms remain under review. Additional banks may join the underwriting syndicate as plans develop.
The company declined to comment on the reported listing discussions.
Rapid Growth Since 2023 Launch
RedotPay launched in April 2023 and quickly established itself as a significant player in the stablecoin-linked payments space. The company provides payment cards linked to stablecoin balances, multi-currency digital wallets, and cross-border payout solutions.
RedotPay currently supports 6 million users and handles $10 billion in annualized payment volume, according to its website. The company is focused on connecting traditional finance infrastructure with blockchain-based settlement infrastructure.
Payment cards linked to stablecoins have been gaining popularity as users look for faster and cheaper ways to make cross-border payments. RedotPay’s business model is part of the larger trend of integrating stablecoins into mainstream financial activity.
Strong Fundraising Momentum in 2025
RedotPay raised $194 million in 2025 across three funding rounds. In March, it raised $40 million in a Series A round of funding, led by Lightspeed, with participation from HSG and Galaxy Ventures.
In September, the company raised a strategic round of funding of $47 million, taking it to unicorn status. Coinbase Ventures joined Galaxy Ventures and Vertex Ventures in funding the company. An undisclosed global technology entrepreneur also participated.
In December, RedotPay completed a $107 million Series B led by Goodwater Capital. Pantera Capital, Blockchain Capital, and Circle Ventures joined the round alongside continued support from HSG.
Stablecoin Sector Draws Heavy Capital
RedotPay’s IPO consideration reflects wider investor enthusiasm for stablecoin infrastructure. In 2025, venture capital investments kept pouring into payment and settlement service providers with a focus on blockchain integration.
M0, a Switzerland-based company, raised $40 million in Series B funding led by Polychain Capital and Ribbit Capital. Rain, a US-based startup, raised $58 million to build tools for banks to issue stablecoins.
In October, Chicago-based Coinflow raised $25 million in a Series A led by Pantera Capital to expand cross-border settlement services. CMT Digital later launched a $136 million fund targeting stablecoin startups.
Investors increasingly view stablecoins as a core building block for digital finance. As regulatory clarity improves, firms that offer compliant infrastructure may capture significant market share.
If RedotPay moves forward with its IPO, it may become one of the most well-known publicly traded stablecoin payment firms. The successful IPO will be a historic event for blockchain-based payment infrastructure and will further establish the importance of stablecoins in the global financial system.
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