RedotPay

RedotPay

2026-09-28 07:54:00

RedotPay completes pre-IPO audit, targets valuation above $5 billion

Stablecoin payments company RedotPay has completed a financial audit as part of its preparations for an initial public offering, according to Odaily, citing CoinDesk. Audited financial statements are required for a U.S. listing, making the audit a key step in the IPO process. A RedotPay spokesperson said the company’s IPO plans have not been delayed, pushing back on earlier claims that legal and regulatory issues could force the listing to 2027 or later. Separately, a person familiar with the matter said the company is seeking a valuation of more than $5 billion. The report did not provide additional details on the audit timeline, listing venue, or offering structure.

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RedotPay

2026-09-28 07:58:59

RedotPay says audit and compliance review are complete as it moves ahead with U.S. IPO plan

Hong Kong-based stablecoin payments company RedotPay said on Sept. 28 that it has completed both its financial audit and a review of its anti-money laundering and counter-terrorist financing controls. The company said both tasks were handled by one of the Big Four accounting firms, though it did not name which one. RedotPay described the financial audit as a required part of a U.S. IPO prospectus, while the compliance review was presented as another step in its listing preparation process. The update follows reports in August that the company had delayed its U.S. listing because of regulatory approvals and legal issues. A company spokesperson denied that claim at the time, saying the IPO had not been postponed and that RedotPay was continuing to work with partners on the listing process. The company did not provide a specific listing date. RedotPay’s app allows users to hold stablecoins and spend them through a linked Visa card, while also supporting cross-border transfers.

250

stablecoins

2026-09-01 08:26:17

Stablecoin card spending tops $1.076 billion in August as payment rails draw closer attention

Stablecoin payment cards processed $1.076 billion in spending in August, with roughly 10.67 million transactions and 283,653 active card addresses, according to data cited by MarsBit from PaymentScan. The article argues that the significance lies not only in higher volume, but in the fact that transaction count and active addresses also rose, pointing to broader user adoption and a wider set of spending scenarios. MarsBit says this marks a shift in how stablecoins are being used. Rather than serving mainly as settlement assets inside crypto markets for exchange transfers, trading, and DeFi activity, stablecoins are starting to connect with everyday consumption through card infrastructure that handles conversion, authorization, and parts of settlement behind the scenes. That setup allows users to spend without first moving funds back into bank accounts, while merchants can keep using existing payment acceptance systems. The report also highlights market concentration. RedotPay handled about $390.1 million in August, or around 36% of total stablecoin card volume for the month. At the same time, the piece says the sector still depends heavily on traditional payment networks and faces issuer, depegging, regulatory, fraud, and custody risks. In that framing, the next question is less whether stablecoin cards can replace bank cards and more whether users will choose to use them every day.

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RedotPay

2026-08-14 16:50:19

RedotPay puts $1 billion U.S. IPO on hold as Binance lawsuit clouds timeline

Crypto payments firm RedotPay has put its planned U.S. initial public offering on hold, according to CoinDesk, which cited Bloomberg. The IPO had been expected to raise more than $1 billion and value the company at as much as $4 billion when details first surfaced in February. The process is now not expected to move ahead until 2027 at the earliest. The pause comes after a Binance affiliate filed a $472.8 million lawsuit in Hong Kong against three RedotPay co-founders in early August. Binance alleged that more than 470,000 paying users were diverted from the Binance Card product to a competing RedotPay offering. The complaint also said the two sides signed a commercial agreement in March 2025 that gave RedotPay access to Binance’s user base, and that Binance later found in March 2026 that Binance Pay balances had flowed into top-ups for RedotPay’s own card without being segregated. RedotPay did not directly confirm that the IPO had been delayed or say why. A spokesperson said the company remains focused on global regulatory compliance and business growth, adding that it had obtained a U.S. money transmitter license this week.

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RedotPay

2026-08-14 09:59:54

RedotPay delays U.S. IPO plan, with listing pushed to next year or later

Hong Kong-based stablecoin payments company RedotPay has delayed its planned U.S. initial public offering, with the listing now potentially slipping to next year or even later, according to BlockBeats. The company had previously raised more than $150 million across funding rounds completed in September and December last year. Investors included the venture arms of Coinbase and Circle. The delay comes after a separate legal dispute surfaced earlier this month in Hong Kong. Binance-linked entities Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore filed suit against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao. The plaintiffs allege the three violated an agreement and redirected more than 470,000 users from Binance Card to RedotPay. They are seeking $472.8 million in claimed losses. The report did not state whether the IPO delay was directly tied to the lawsuit.

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crypto paymen

2026-08-09 07:24:02

a16z Says Crypto Payment Card Spending Hit $759 Million in July as USDC Took the Lead

Crypto payment cards processed $759 million in spending across nearly 8.8 million transactions in July 2026, according to fresh data shared by a16z crypto on X. The figures were up sharply from roughly $306 million and about 5.2 million transactions a year earlier, pointing to much heavier use of stablecoin-linked cards for everyday purchases rather than large transfers. Based on the monthly total and transaction count, average ticket size came to about $86. The report said cardholders typically spend crypto assets, mostly stablecoins, which are converted into local fiat at checkout, letting merchants treat the payment like a standard card purchase. Several issuers are active in the segment, including RedotPay, EtherFi, KAST, Karta, Plasma One, Tria and Wirex One, with RedotPay described as the largest contributor by spending volume. Paymentscan data also showed a major shift in stablecoin mix. In July 2026, USDC accounted for 58% of crypto card spending and USDT for 26%, while euro stablecoin EURe had held as much as 88% in early 2024. The story also flagged limits in the dataset: some figures are self-reported by issuers and not fully verifiable on-chain, and activity is concentrated among a small number of providers.

560

Binance

2026-08-08 10:32:30

Binance sues RedotPay founders in Hong Kong and Singapore, seeking $472.8 million

Binance-affiliated entities have opened legal action against RedotPay’s co-founders in Hong Kong, with a parallel case also moving ahead in Singapore, according to a Bloomberg-cited report carried by WuBlockchain. The dispute centers on RedotPay’s card top-up flow tied to Binance Pay and whether the funds involved were properly segregated. The claim totals $472.8 million. The figure was reportedly calculated by assigning a $925 lifetime value, or LTV, to each of roughly 470,000 users that Binance says were diverted into the RedotPay system. The report says this kind of user-value model is common in internet litigation, though far less typical in crypto disputes. The case lands at a sensitive moment for RedotPay. The company is described in the article as a crypto payments unicorn targeting a valuation above $4 billion in a planned U.S. IPO. The same report lists more than 6 million users, about $10 billion in annualized payment volume, and annualized revenue above $150 million. RedotPay has said it will actively defend against all allegations and that day-to-day operations remain unaffected. Still, the lawsuit now hangs over its listing plans.

1860

a16z crypto

2026-08-08 03:20:48

Crypto Payment Card Spending Climbs to $759M Monthly, a16z Data Shows

Monthly spending on crypto payment cards has reached $759 million, according to fresh data from a16z crypto. The figure marks a jump from the niche-scale volume recorded in earlier periods. These cards let users spend cryptocurrency wherever traditional card networks are accepted; at the point of sale, the stablecoin is converted into local currency, so the transaction looks like an ordinary card payment to the merchant. As of July 31, RedotPay accounted for the vast majority of spending across card programs, while EtherFi, KAST and Karta have been gradually expanding their share since late 2025. a16z crypto also said cardholders don't need a traditional bank account: they can deposit stablecoins with the issuer or hold tokens in self-custody. That, the firm says, broadens access to dollar-denominated accounts for global users and gives stablecoin holders a convenient way to spend.

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