Hong Kong-based payments firm RedotPay is weighing a private submission of its U.S. initial public offering paperwork before the close of 2026, according to people familiar with the discussions.
The move comes after prolonged internal reviews and efforts to address regulatory questions that have shaped its path toward American capital markets.
At the same time, the company continues conversations with potential investors about a pre-IPO financing that could establish a valuation in the range of $4 billion to $5 billion.
RedotPay specializes in bridging cryptocurrency holdings with everyday spending.
It issues both physical and virtual cards that allow users to transact using digital assets, with a particular focus on stablecoin-based payments.
The firm has described itself as a provider in this niche and has reported a user base exceeding eight million.
Independent data from Paymentscan indicates roughly $410.5 million in stablecoin card transaction volume over a recent 30-day period, underscoring growing activity in its core product.Interest in a New York listing first surfaced earlier in 2026.
At that stage, reports indicated the company was exploring an offering that might raise more than $1 billion and target a valuation above $4 billion, with major banks including JPMorgan Chase, Goldman Sachs, and Jefferies said to be involved in preparatory work.
Subsequent developments introduced complications.
By August, accounts suggested the timeline had slipped amid regulatory considerations and a legal dispute.
RedotPay later pushed back on characterizations of a formal delay, stating that it had not deferred its IPO plans and remained engaged with partners on the process.
The legal matter involves claims by Binance-affiliated entities against RedotPay’s founders.
The suits seek nearly $473 million, alleging misuse of confidential information to develop a competing payments operation and to attract customers away from existing arrangements.
RedotPay has rejected the allegations and indicated it would contest them vigorously.
Separately, the company has made regulatory progress in the United States, including obtaining a money transmitter license and preparing for a domestic product launch, steps that appear relevant to any public-market ambitions.
A confidential filing would permit the U.S. Securities and Exchange Commission (SEC) to review draft registration materials without immediate public disclosure of full details.
Sources familiar with the situation have noted that any schedule remains subject to change, and RedotPay has not publicly confirmed the latest timing discussions.
The combination of ongoing valuation talks and renewed filing considerations suggests the firm is testing investor appetite and regulatory readiness while navigating residual legal and compliance questions.
For the broader crypto infrastructure sector, a successful listing would represent another test of public-market interest in payments tools that convert digital assets into everyday utility rather than pure token trading.
RedotPay’s scale in users and transaction activity provides a concrete metric set against which any eventual prospectus would be evaluated. Whether the confidential approach advances as described, and at what valuation, will depend on the outcome of current investor discussions and the resolution of outstanding regulatory and litigation issues.
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