RedotPay Eyes $1B U.S. IPO at $4B Valuation

Key Insights:

• RedotPay weighed $1B U.S. IPO.
• The target valuation has exceeded $4B.
• Stablecoin funding accelerated in 2025.

Bloomberg reported Tuesday that Hong Kong-based RedotPay weighed a U.S. initial public offering that could raise over $1 billion and value the firm above $4 billion. The company worked with JPMorgan Chase, Goldman Sachs, and Jefferies on a potential New York listing that may occur this year. People familiar with the matter said terms remained under review.

The RedotPay IPO discussions surfaced as stablecoin infrastructure firms attracted capital across 2025. Investors funded payment rails and regulated issuance tools while the stablecoin market capitalization climbed above $300 billion. That capital rotation followed steady demand for dollar-pegged settlement products in cross-border commerce.

IPO Talks Reflect Rising Stablecoin Volumes

Bloomberg said RedotPay handled about $10 billion in annualized payment volume and served 6 million users through stablecoin-linked cards and multicurrency wallets. That scale placed it among the larger crypto-native payment processors seeking public market access. The listing discussions followed months of private fundraising and balance sheet expansion.

Deal talks often intensify when payment firms show repeat transaction flows rather than speculative trading revenue. Stablecoin payment cards generated interchange fees and treasury yield spreads, which public investors can model more easily. That revenue profile likely supported the valuation target discussed in the report.

New York remained a preferred venue for crypto-adjacent listings because liquidity depth reduced pricing risk. Banks advising the process positioned the deal alongside other fintech equity offerings expected this cycle. The underwriting group could expand as the filing advanced.

Venture Capital-Backed Rapid Expansion

Company disclosures showed RedotPay raised $194 million across three funding rounds in 2025. In March, Lightspeed led a $40 million Series A, with HSG and Galaxy Ventures participating. That round followed rapid user onboarding across Asia and Latin America.

September filings stated the firm closed a $47 million strategic round with Coinbase Ventures and continued backing from Galaxy Ventures and Vertex Ventures. Management described the raise as the point it reached unicorn status. An undisclosed global technology entrepreneur also joined that tranche.

December documents confirmed a $107 million Series B led by Goodwater Capital. Pantera Capital, Blockchain Capital, Circle Ventures, and HSG participated in that financing. The capital likely strengthened compliance, card issuance partnerships, and treasury reserves before IPO discussions began.

Those sequential raises signaled venture conviction in stablecoin settlement growth. Investors targeted companies that built infrastructure rather than speculative token exposure. RedotPay fits that thesis because it links fiat onramps, card networks, and blockchain rails.

Stablecoin Funding Accelerated Across the Sector

DeFiLlama data showed stablecoin market capitalization moved past $300 billion during the year as dollar-pegged supply expanded. That increase reflected broader institutional acceptance of tokenized cash equivalents. Treasury bill exposure inside reserve structures also attracted yield-seeking allocators.

August investment reports indicated almost $100 million flowed into stablecoin-focused startups during that month alone. Switzerland-based M0 secured a $40 million Series B led by Polychain Capital and Ribbit Capital. U.S. startup Rain raised $58 million to build tools enabling banks to issue regulated stablecoins.

October filings revealed that Chicago-based Coinflow secured $25 million in a Series A led by Pantera Capital to expand cross-border settlement services. Later that month, CMT Digital launched a $136 million fund allocating capital toward stablecoin startups, including Coinflow and Codex. That funding cadence illustrated sustained investor appetite for payment infrastructure.

The RedotPay IPO plans, therefore, aligned with a broader financing pattern rather than an isolated event. Stablecoin issuers and service providers pursued scale while regulatory frameworks in major jurisdictions matured. Public equity markets offered another capital source as private valuations stabilized.

Builder Context and Product Logic

RedotPay built its model around stablecoin-linked payment cards, multicurrency wallets, and international payout services. That product mix reduced direct token price exposure because revenue is tied to transaction processing. Merchants gained dollar settlement while users accessed blockchain-based transfers.

The firm’s Hong Kong base positioned it near Asian remittance corridors where dollar liquidity remained in demand. Expansion into New York capital markets signaled ambitions beyond regional fintech status. Management declined to comment publicly on the reported listing plans.

Investment banks often push crypto-adjacent companies toward public scrutiny once transaction data matures. Public filings would expose reserve structures, revenue breakdowns, and compliance controls. That transparency could influence how equity investors price stablecoin infrastructure relative to traditional fintech peers.

The immediate focus now rests on whether RedotPay files confidential paperwork in the coming months. A formal prospectus would clarify revenue concentration, geographic exposure, and reserve management. Until then, the reported $4 billion valuation target serves as a marker of how markets currently price stablecoin payment scale.