RedotPay Delays $1 Billion IPO Amid Regulatory Approval Issues
RedotPay's initial public offering (IPO) has been delayed until at least 2027 due to regulatory approval issues in various countries. The Hong Kong-based stablecoin payments firm had initially planned a $1 billion US IPO with a valuation of over $4 billion, but the delay is attributed solely to the need for regulatory approvals.
The company raised $194 million across two funding rounds in 2025, including backing from Coinbase and Circle's venture arms. RedotPay reported 8.5 million users as of July and obtained a US money transmitter licence this week, but its business is also facing leadership turnover and a lawsuit from Binance-affiliated entities.
The suit alleges that RedotPay's founders diverted around 470,000 users to the company in breach of a partnership agreement with Binance Pay, seeking about $473 million in damages. RedotPay has rejected the claims and said it will vigorously defend them.