Hong Kong-based stablecoin payments company RedotPay is reportedly gearing up for a U.S. initial public offering that could raise more than $1 billion and lift the firm’s valuation above $4 billion. People familiar with the matter say the company could seek a New York listing as soon as this year and has tapped major Wall Street banks to advise on the deal. If it follows through, the offering would rank among the largest IPOs to emerge from Asia’s still-young stablecoin sector.
Bloomberg Law reported that RedotPay is working with JPMorgan Chase, Goldman Sachs and Jefferies on a potential New York float, while details, including timing and size, remain fluid, according to people with knowledge of the situation. The outlet added that company representatives and the banks declined to comment.
The company’s recent fundraising helps explain why underwriters would line up. In a press release, RedotPay said it closed a US$107 million Series B in December 2025 and raised a total of about $194 million during 2025, and that it has more than 6 million registered users. In a press release via PR Newswire, RedotPay also highlighted rapid user growth and roughly $10 billion in annualized payment volume through its wallets and payment cards.
Regulatory backdrop
RedotPay’s possible U.S. debut comes as Hong Kong prepares to grant the first stablecoin issuer licences, a move that would reshape the operating landscape for tokenized fiat products. As reported by Cointelegraph, the Hong Kong Monetary Authority has signalled that only a very small number of licences will be approved in the initial round, with reviewers focused on reserve backing, AML controls and operational readiness.
Why Wall Street Is Interested
Underwriting a large RedotPay IPO would give banks and U.S. investors a direct way into stablecoin payment rails and cross-border settlement infrastructure, areas that have recently caught the attention of public markets. The size of the potential raise and a multibillion-dollar valuation would place RedotPay among the biggest Asia-origin stablecoin-era listings, if it goes ahead. The Block highlighted the deal's potential scale in its coverage.
Questions For Investors
Investors will be watching how RedotPay backs its stablecoins, how quickly and transparently users can redeem fiat, and how cross-border compliance is handled, all central issues for a payments business built on tokenized money. Hong Kong regulators and other supervisors have stressed reserve transparency, robust redemption rules and strong AML safeguards as licensing preconditions, which could shape both investor due diligence and IPO disclosure. The HKMA has published guidance stressing those operational and risk-management requirements for stablecoin issuers.
If RedotPay proceeds, the deal would mark a notable step for stablecoin-native payments firms seeking mainstream capital markets, but any timetable and pricing remain tentative. Multiple outlets that picked up the original Bloomberg reporting say representatives for RedotPay and the banks involved declined to comment, and the company has not filed paperwork to confirm a public offering. CoinDesk has the initial reporting and additional background.
