RedotPay has put its planned $1 billion U.S. initial public offering on ice. A listing is now unlikely before 2027, Bloomberg reported on Aug. 14, citing people familiar with the decision.
The Hong Kong-based company calls itself the world’s largest stablecoin payment card issuer. It had aimed to list in New York this year. Bloomberg pinned the holdup on legal issues. The delay arrives even as RedotPay says it secured a U.S. money transmitter license this week and is preparing to launch its product in the country. Regulatory progress on one front, litigation exposure on the other. The offering has no revised timeline.
Founded in 2023, RedotPay first surfaced as a potential U.S. public-market entrant in February. Reports at the time said the company had tapped JPMorgan Chase, Goldman Sachs and Jefferies Financial Group for a listing that could raise more than $1 billion at a valuation above $4 billion, Cointelegraph reported. The company reached unicorn status in September 2025.
The legal issues Bloomberg cited center on Binance. Affiliates of the exchange sued RedotPay’s founders in Hong Kong earlier in August. They are seeking nearly $473 million in damages. The plaintiffs allege the founders used confidential information from prior work with Binance to build a competing payments business. Under a partnership between the two firms, Binance allowed its customers to use Binance Pay funds on RedotPay to convert crypto to fiat. Roughly 470,000 customers were diverted through that arrangement, the plaintiffs claim.
RedotPay told Cointelegraph it would “vigorously defend all claims.” The company has not disclosed further details of its defense.
A parallel case is underway in Singapore. The two sides disagree on where it stands. RedotPay said this week it expects Binance to discontinue the Singapore proceedings. Binance rejected that characterization, saying the claims remain active.
The litigation has not slowed RedotPay’s U.S. push. A company spokesperson told CoinDesk via Telegram that the firm’s strategy “continues to focus on global regulatory compliance and business growth.” The spokesperson confirmed that RedotPay obtained a U.S. money transmitter license this week and is preparing to launch its product in the country. On the IPO plan specifically, the spokesperson declined to comment.
Separately, RedotPay has been in talks to raise up to $150 million in new funding amid organizational changes, Cointelegraph reported. In March, the company said it was “evolving our organizational structure and talent pool” as it transitioned from an early-stage startup to a unicorn.
The company reported a record 8.5 million users and $180 million in annualized revenue in the second quarter. That is up from 8 million users in the first quarter. Both figures were company-record highs, according to RedotPay. The scope of the U.S. money transmitter license was not specified in either report. No revised IPO timeline has been given.
