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RedotPay puts planned $1B U.S. IPO on hold until 2027 or later
Bloomberg reported the Hong Kong-based stablecoin payments firm delayed the listing after addressing legal issues, while it recently obtained a U.S. money transmitter license and is preparing a U.S. product launch.
RedotPay is putting its planned $1 billion U.S. IPO on hold, with the listing now unlikely to occur before 2027, according to Bloomberg, citing people familiar with the decision.
The Hong Kong-based stablecoin payments company has declined to comment on IPO plans, while it said this week it obtained a U.S. money transmitter license and is preparing to launch its product in the United States, according to a RedotPay spokesperson shared with CoinDesk via Telegram.
The company’s IPO plan emerged in February, and it is reportedly associated with legal issues it is addressing as it pursues regulatory compliance and business growth.
RedotPay is also involved in a $470 million lawsuit from Binance in Hong Kong, alleging it poached roughly 470,000 users, and Binance filed a parallel case in Singapore; the spokesperson also cited record 8.5 million users in the second quarter and record $180 million in annualized revenue, after reporting nearly $12 billion in annualized revenue and 8 million users in the first quarter.