RedotPay Completes Audit as Stablecoin Firm Pushes Ahead With U.S. IPO
Hong Kong-based stablecoin payments company RedotPay has completed a financial audit as it prepares for a potential U.S. initial public offering, reinforcing its stated plans to pursue a public listing.
The company also completed a separate review of its anti-money-laundering and counter-terrorist-financing controls. Big Four accounting firms conducted both reviews, although RedotPay did not identify the firms involved. CoinDesk reported that audited financial statements are required as part of the process for a U.S. listing.
IPO preparations continue
RedotPay said the completed audits form part of its preparations to take the company public. Chief Executive Officer and co-fo under Michael Gao said the work aims to strengthen confidence in the company’s financial reporting and compliance standards.
The company said it had 8.5 million users as of July. Its platform allows customers to hold stablecoins, spend through a linked Visa card and transfer funds internationally.
RedotPay’s latest comments also challenge an August report that said the company had delayed its U.S. IPO because of regulatory approvals and legal issues. That report said a listing could move to 2027 or later.
“There has been no deferral of our IPO,” a RedotPay spokesperson told CoinDesk. The company said it continues to work with partners on the process but did not provide a listing date.
Valuation target remains above $5 billion
A person familiar with the company said RedotPay is targeting a valuation above $5 billion. The source also said transaction volume reached a record during the second quarter and that the company’s operating margin exceeded 50%.
RedotPay’s IPO preparations come as other crypto companies reassess plans for public listings. The broader market has seen several prospective offerings delayed, creating a more cautious environment for digital-asset businesses seeking access to public markets.
For RedotPay, the completed financial audit removes one important preparation step, but the company still faces regulatory and market considerations before it can complete a U.S. listing.
