RedotPay weighs confidential US IPO filing by year-end, Bloomberg reports

What happened

RedotPay is weighing a confidential submission for a US initial public offering before the end of 2026, according to a Bloomberg report cited by Cointelegraph and Crypto.news. The Hong Kong-based stablecoin payments company is also discussing a pre-IPO funding round that could value it at $4 billion to $5 billion, the report said, citing people familiar with the matter. Neither the fundraising nor the filing timetable has been finalized.

A private submission would let the US Securities and Exchange Commission review draft offering documents before a registration statement becomes public, Crypto.news reported. JPMorgan Chase, Goldman Sachs, Jefferies and Barclays are reportedly advising on the listing. Barclays' involvement had not been reported before, and the bank declined to comment, according to Crypto.news.

RedotPay has not disclosed a listing venue, share price, offering size or expected trading date. Sources cautioned that the schedule could change, Crypto.news reported, and RedotPay did not respond to Bloomberg's requests for comment.

Why it matters

A US listing would be a notable step for a Hong Kong-based company built around stablecoin payments, crypto cards and wallets. A confidential process would let RedotPay begin SEC review while keeping its financial details out of public view for longer. The reported valuation talks also suggest private investors are weighing the company's transaction growth against litigation brought by Binance-affiliated companies, which could influence public-market appetite for the offering.

What the data shows

RedotPay has said it has more than 8 million users, while Crypto.news reported that it serves more than 9 million customers; the reports do not reconcile the difference. Cointelegraph cited Paymentscan data showing $410.5 million in 30-day stablecoin card transaction volume. According to Crypto.news, Bloomberg's sources put annualized revenue above $180 million after a $100 million run rate within 18 months of launch. Revenue in the first nine months of 2026 reportedly grew more than 50% year over year, and the operating profit margin exceeded 50%. Those figures were attributed to people familiar with the business, and RedotPay has not published audited statements establishing them. The company raised $194 million in 2025, including a $107 million Series B, with Goodwater Capital, Pantera Capital and Blockchain Capital among investors.

Background

RedotPay's US ambitions were first reported in February, when it was said to be exploring a New York listing that could raise more than $1 billion at a valuation above $4 billion. JPMorgan Chase, Goldman Sachs and Jefferies were reportedly involved then. In August, Bloomberg reported that the company had delayed its US listing plans amid regulatory hurdles and legal disputes involving Binance. RedotPay disputed that account, saying its IPO had not been deferred and that it was continuing to work with partners on the process.

In September, RedotPay reaffirmed its IPO preparations after completing a financial audit and a review of its anti-money laundering and counterterrorist financing controls. A spokesperson confirmed that the company had obtained a US money transmitter license and was preparing to introduce products in the country, but gave no firm IPO timetable. The legal dispute remains active: in August, Binance-affiliated companies sued RedotPay's founders, seeking nearly $473 million in damages over allegations that confidential information was used to build a competing payments business and divert customers. RedotPay has denied the claims and said it would defend them vigorously.

What is still unclear

Several details remain open. RedotPay has not confirmed the confidential filing, the pre-IPO round or the reported valuation range. The user count is described differently in the reports, and the revenue and margin figures attributed to Bloomberg's sources are not backed by public audited statements. The status of separate Singapore litigation is also contested, with the companies making conflicting statements about whether Binance's claims remain active.

What to watch

Attention will focus on whether RedotPay submits confidential IPO paperwork before the end of 2026 and whether a pre-IPO round is completed at the reported valuation. The SEC review, any public registration statement and the company's US product rollout following its money transmitter license are also worth tracking. Further developments in the Binance-affiliated litigation could affect the timeline or investor interest.

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