RedotPay Nears US IPO with Financial Audit Complete

RedotPay has completed a financial audit as part of its preparations for an initial public offering (IPO) in the United States. The Hong Kong-based stablecoin payments company said the review supports its U.S. public listing work and will be included in any prospectus filing. RedotPay's Chief Executive Michael Gao stated that the audits were undertaken to build confidence in the company's reporting and compliance standards.

The financial audit is a crucial step for RedotPay as it prepares for a potential U.S. IPO. A U.S. IPO prospectus must include audited financial statements, which RedotPay said this review will provide. The company also reviewed its anti-money-laundering and counter-terrorist-financing controls through Big Four firms.

Despite reports that the company had slowed its U.S. listing plans, RedotPay denied any delay. However, it did not give a listing date for the IPO. A person familiar with the matter stated that RedotPay targets a valuation above $5 billion.

RedotPay's payments business allows users to hold stablecoins in an app, spend through a linked Visa card, and send money across borders. As of July, the company had 8.5 million users, giving it a large base in stablecoin payments. The IPO effort comes as other crypto firms slow their listing plans due to weaker market conditions.