Hong Kong-based stablecoin payments company RedotPay has completed a financial audit, a required step toward a U.S. initial public offering, as it pushes ahead with plans to take the business public, it said in a press release Monday.
The company also completed a separate review of its anti-money-laundering and counter-terrorist-financing controls. Both were conducted by Big Four firms, which RedotPay did not name. A U.S. IPO prospectus must include audited financial statements; the compliance review is a separate part of the firm’s preparations.
RedotPay lets users hold stablecoins in an app, spend them through a linked Visa card and send money across borders. The company said it had 8.5 million users as of July
“We undertook these audits to build confidence and trust in our financial reporting and compliance standards,” Michael Gao, CEO and co-founder of RedotPay, said in emailed comments. “They also form part of our preparation for taking the company public.”
The comments mark the company’s clearest acknowledgment of its IPO plans after Bloomberg reported in August that RedotPay had delayed a U.S. listing while seeking regulatory approvals and dealing with legal issues. A listing might take place in 2027 or later, rather than this year, the report said.
“There has been no deferral of our IPO,” a RedotPay spokesperson told CoinDesk in emailed comments. “We are continuing to work with our partners on the IPO process.” The company did not give a listing date.
RedotPay is targeting a valuation of more than $5 billion, according to a person familiar with the matter. Transaction volume reached a record in the second quarter, and the company’s operating margin exceeded 50%, the person added, without providing the underlying financial figures.
The stablecoin company’s push toward a listing comes as several other crypto companies have pushed back their IPO plans. Kraken parent Payward, Ethereum software developer Consensys, hardware wallet maker Ledger and asset manager Grayscale have all delayed prospective listings amid weaker market conditions, according to CoinDesk’s reporting
Read more: Kraken parent Payward delays IPO to second quarter of 2027 at earliest
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