Hong Kong-based stablecoin payments firm RedotPay explores $1 billion US IPO at $4 billion valuation: Bloomberg

Hong Kong-based stablecoin payments firm RedotPay is reportedly exploring an initial public offering in the United States that could raise more than $1 billion.

The company is working with JPMorgan Chase, Goldman Sachs, and Jefferies Financial Group on a potential New York listing that could take place as soon as this year, Bloomberg reported, citing people familiar with the matter. RedotPay may seek a valuation of more than $4 billion, according to the outlet, though deliberations are ongoing, and details could change.

The firm raised $194 million in 2025, including a December Series B round that pushed it to unicorn status. Backers include Accel, Blockchain Capital, Goodwater Capital, HSG, Pantera Capital, and Vertex Ventures. As of November, the company had more than 6 million registered users.

China’s crypto hardline

China has recently tightened restrictions on stablecoins and real-world asset tokenization, even as Hong Kong continues positioning itself as a regulated hub for digital asset businesses. Mainland authorities have reiterated their sweeping ban on cryptocurrency trading and mining and barred the offshore issuance of yuan-pegged stablecoins without regulatory approval, according to prior reporting by The Block.

Chinese regulators have repeatedly warned against financial risks tied to tokenization and cross-border stablecoin activity, even as global banks and asset managers accelerate efforts around dollar-backed digital assets and blockchain-based settlement.

A potential U.S. listing would give RedotPay access to deeper pools of capital and expand its presence among international investors as stablecoin payment infrastructure continues to grow beyond crypto trading into remittances, merchant settlement, and cross-border transfers.

A recent multi-firm study, involving companies like Coinbase and Artemis, found that stablecoins are increasingly being adopted as “everyday money,” as supply nears $300 billion — a trend the Hong Kong-based firm may seek to capitalize on by going public.