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RedotPay completes financial audit as it presses ahead with U.S. IPO plans
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Hong Kong-based stablecoin payments company RedotPay has completed a financial audit as it prepares to pursue an initial public offering in the United States. The company said the work marks another milestone in its listing process, although it did not disclose an anticipated filing date or offering timetable. In a press release Monday, RedotPay described the audit as part of its effort to strengthen confidence in its financial reporting and compliance systems. The announcement also directly disputes earlier reporting that its U.S. listing had been postponed.
RedotPay’s move comes amid a more cautious environment for cryptocurrency-related public offerings. Bloomberg reported in August that the company was dealing with regulatory approvals and legal issues, potentially pushing its listing to 2027 or later. A spokesperson subsequently said that RedotPay had not deferred the IPO and remained in active discussions with partners. Despite that clarification, the lack of a firm schedule leaves open the possibility that regulatory reviews or market conditions could affect the final timing.
A U.S. IPO prospectus generally must include financial statements prepared by an independent accounting firm. RedotPay said unnamed Big Four audit firms completed its financial audit, while separate Big Four firms reviewed its anti-money-laundering and counter-terrorist-financing controls. The compliance review is not a substitute for the financial audit but forms another part of the company’s preparation for public scrutiny. Chief executive and co-founder Michael Gao said the exercises were intended to build trust in the company’s reporting and compliance standards.
RedotPay allows customers to hold stablecoins in its app, spend them through a linked Visa card and transfer funds across borders. The company reported 8.5 million users as of July, suggesting that it is trying to establish scale before entering public markets. Its platform combines crypto-asset access with payment-card and remittance functionality, placing it at the intersection of stablecoin adoption and regulated financial services. That positioning could appeal to investors seeking exposure to crypto infrastructure without relying only on digital-asset trading revenue.
A person familiar with RedotPay’s preparations said the company is targeting a valuation above $5 billion. The same source said transaction volume reached a record in the second quarter and that RedotPay’s operating margin exceeded 50%, but neither figure was supported with underlying financial results. Because those claims have not yet appeared in audited public filings, prospective investors would need to examine the company’s revenue mix, customer economics and regulatory history carefully. High margins or transaction growth may strengthen the IPO case, but they do not eliminate the risks associated with operating in multiple jurisdictions.
RedotPay’s progress contrasts with delays announced by several prominent crypto companies. Kraken parent Payward, Ethereum developer Consensys, hardware-wallet maker Ledger and asset manager Grayscale have all postponed prospective listings amid weaker market conditions. RedotPay’s insistence that its plans remain intact therefore signals confidence in its readiness, though it may also reflect a desire to reassure employees, customers and commercial partners. The company’s completion of independent reviews could enhance institutional credibility, but public investors will likely demand more detail than private strategic investors have received.
The wider stablecoin market is moving toward greater regulatory integration, making Asia-Pacific an important testing ground for adoption and oversight. RedotPay could benefit as businesses and consumers seek faster, lower-cost cross-border payment options, but its IPO would also expose it to stricter disclosure, licensing and compliance requirements. The next milestones will include selecting underwriters, preparing a prospectus, obtaining regulatory approvals and demonstrating sustainable audited performance. If RedotPay can advance on that path, a successful listing could become a benchmark for the increasingly regulated stablecoin-payment industry.
