RedotPay May File for US IPO by Year-End, Bloomberg Says

Hong Kong-based stablecoin payments provider RedotPay is reportedly weighing a move toward a U.S. initial public offering, with a confidential filing under consideration by the end of 2026. The update comes roughly two months after earlier reports suggested the company had pushed back its listing plans amid regulatory and legal complications.

Bloomberg reported Monday, citing people familiar with the matter, that RedotPay is also in discussions with investors about a pre-IPO funding round that could assign the company a valuation in the $4 billion to $5 billion range. While the company has not publicly confirmed the timing of any filing in the report, the renewed IPO focus signals that RedotPay believes it can navigate the issues that previously clouded its path to U.S. markets.

Key takeaways

• Bloomberg says RedotPay is considering a confidential U.S. IPO filing by the end of 2026.
• The report also points to potential pre-IPO fundraising that could value RedotPay between $4 billion and $5 billion.
• RedotPay claims it has more than 8 million users and, according to Paymentscan data, recorded $410.5 million in 30-day stablecoin card transaction volume.
• Earlier coverage indicated the IPO could face regulatory hurdles and legal disputes tied to Binance-affiliated entities, which RedotPay disputes.

From valuation ambitions to a potential confidential filing

RedotPay first drew broader attention earlier this year when it was reported to be exploring a New York listing. At the time, Cointelegraph coverage noted that the company’s plan could be structured to raise more than $1 billion, targeting a valuation above $4 billion, with JPMorgan Chase, Goldman Sachs, and Jefferies reportedly involved in the offering.

The new Bloomberg development reframes that earlier IPO thesis. A confidential filing would allow RedotPay to advance toward a public market process without immediately disclosing all details, but it still requires preparation and internal alignment on the offer’s structure. For investors and industry observers, the signal is that RedotPay may be moving past, or at least working around, the obstacles that previously delayed momentum.

What RedotPay says about users and transaction activity

In its latest public-facing claims referenced in the report, RedotPay says it has more than 8 million users. Separately, data cited from Paymentscan indicates $410.5 million in stablecoin card transaction volume over a 30-day period.

For market participants, these figures help explain why an IPO narrative is even gaining traction. Stablecoin payment companies are judged less like pure infrastructure plays and more on their ability to attract active users, drive repeat transactions, and show that payments flow through real merchant and consumer rails. In that context, the transaction volume metric—though limited to a specific lookback window—offers a concrete snapshot of demand rather than only a growth story.

Legal and regulatory friction remains a central question

Despite the renewed IPO talk, RedotPay’s path has not been straightforward. Earlier coverage reported that RedotPay had delayed its U.S. listing plans amid regulatory hurdles and legal disputes involving Binance. The company later pushed back on that characterization, according to the reporting: RedotPay reportedly said there had been “no deferral” of its IPO and that it was “continuing to work with our partners on the IPO process.”

That tension matters because, in public-market processes, legal exposure can affect everything from disclosure obligations to investor appetite and potential deal timelines. In August, Bloomberg’s earlier reporting also pointed to disputes connected to Binance-affiliated entities.

Specifically, the company’s situation escalated when Binance-affiliated companies sued RedotPay’s founders, seeking nearly $473 million in damages. The allegations, as described in the coverage, centered on claims that confidential information was used to build a competing payments business and divert customers. RedotPay has denied the allegations and previously told Cointelegraph it would “vigorously defend all claims.”

While the details and procedural posture of that lawsuit are not fully laid out in the current summary, the existence of a major dispute is enough to keep uncertainty around timing and regulatory review. Even if a confidential filing is prepared, the broader question for investors is whether the company can provide clear, credible disclosures and maintain operational continuity while litigation plays out.

Earlier reporting also highlighted the broader relationship between the companies in a separate context, noting the clash between Binance and RedotPay around the Singapore lawsuit. That background underscores that RedotPay is navigating both the market-access challenge of going public in the U.S. and the business-model risk created by high-stakes legal claims.

Why the pre-IPO valuation range could matter

Bloomberg’s report that RedotPay is in talks for a pre-IPO funding round valued between $4 billion and $5 billion is significant for two reasons. First, it suggests that some investors may still see a credible route to a U.S. listing even after the earlier “delay” narrative. Second, it provides a market-based benchmark—albeit one that depends on deal terms—for how capital providers are pricing RedotPay’s growth prospects and legal uncertainties.

Pre-IPO rounds can also be used to finance compliance-heavy work, expand product capabilities, or strengthen balance sheets ahead of public market scrutiny. In a sector where regulation and counterparties often influence viability, any capital runway can change how effectively a payments company prepares for disclosure and operational resilience.

At the same time, valuations in pre-IPO contexts are not guarantees of eventual public-market outcomes. The valuation range reported by Bloomberg reflects negotiations at a point in time, and the final path to an IPO depends on underwriting appetite, market conditions, and—crucially in this case—the company’s ability to address disclosure requirements tied to legal disputes.

For now, the key watchpoints are straightforward: whether RedotPay actually submits the confidential U.S. filing by the end of 2026, how it frames the ongoing litigation in required disclosures, and whether transaction metrics and user growth remain strong enough to support an IPO process. Even if the filing moves forward, the legal and regulatory backdrop will likely remain a determining factor in how quickly the deal can reach the public markets.