RedotPay, a Hong Kong-based stablecoin payments company, has completed a financial audit conducted by a Big Four accounting firm, the company said Monday, pushing back against an August report that its U.S. initial public offering had been delayed.

The audit, along with a separate review of anti-money-laundering and counter-terrorist-financing controls, was carried out by one of the four largest global audit firms. RedotPay did not name either firm.

Audited financial statements are a mandatory disclosure for U.S. IPO registrants; the AML/CTF review sits alongside that requirement as part of the company's listing preparations.

"We undertook these audits to build confidence and trust in our financial reporting and compliance standards," CEO and co-founder Michael Gao said in emailed comments. "They also form part of our preparation for taking the company public."

What does the audit cover?

The financial statement audit and the AML/CTF controls review address two distinct categories of pre-listing due diligence. Underwriting banks and the SEC's Division of Corporation Finance routinely require the former to support the registration statement. The compliance review addresses operational risk in a business that handles regulated money movement.

RedotPay's product lets users hold stablecoins in a mobile wallet, spend through a linked Visa card and remit funds across borders. The company said it had 8.5 million users as of July. The Visa partnership anchors the spend function, and any disclosure around the card program's economics will land in the audited financials.

Why is RedotPay disputing the delay?

In August, Bloomberg reported that RedotPay had pushed a U.S. listing into 2027 or later while it worked through regulatory approvals and legal matters. RedotPay rejected that account in direct terms on Monday.

"There has been no deferral of our IPO," a RedotPay spokesperson told CoinDesk in emailed comments. "We are continuing to work with our partners on the IPO process." The company declined to give a listing date.

What valuation is the company targeting?

RedotPay is aiming for a valuation above $5 billion, according to a person familiar with the matter. That person added that transaction volume reached a record in the second quarter and that operating margin exceeded 50%, though they did not provide the underlying figures.

Audited financials and a confirmed growth metric give prospective underwriters a basis for pricing conversations, even with no offering window set. With few direct public comparables in the stablecoin-payments segment, the audited statements will become a market reference once filed with regulators.

Where does RedotPay sit in the broader IPO pipeline?

RedotPay's push comes as several crypto companies have stepped back from near-term listing plans. Payward, the parent of exchange Kraken; Ethereum developer Consensys; hardware wallet maker Ledger; and asset manager Grayscale have all delayed prospective offerings amid weaker market conditions, according to CoinDesk reporting.

The completed audit and the public denial of a deferral put RedotPay in a different posture from those peers. It has cleared a concrete gating item on the path to a U.S. filing while peers publicly question whether the current market window warrants pressing ahead this year.

The next externally observable step will be a registration statement filed with the SEC, which the audited statements will support and which will set the earliest credible window for pricing.