RedotPay weighs confidential US IPO filing by end of 2026

RedotPay is considering a confidential filing for a U.S. initial public offering by the end of 2026, Bloomberg reported, citing people familiar with the matter. Bloomberg also reported Monday that the Hong Kong-based stablecoin payments company was in talks with investors about a potential pre-IPO funding round that could value it at $4 billion to $5 billion.

Bloomberg’s August report said RedotPay had delayed its U.S. listing plans amid regulatory hurdles and legal disputes involving Binance. The confidential-filing consideration came two months afterward.

The proposed valuation remains hypothetical: the report identifies no investors, round size, allocation or committed capital. The filing plan is also preliminary, because the report says RedotPay is only considering a submission and provides no date beyond the end-2026 target. It identifies no timetable for completing either step.

What changes in the latest IPO plan?

RedotPay was first reported in February to be exploring a New York listing that could raise more than $1 billion at a valuation exceeding $4 billion. The February report identified JPMorgan Chase, Goldman Sachs and Jefferies as banks reportedly working on the offering.

The latest report centers on a confidential U.S. filing by the end of 2026, without disclosing an offering size, launch date, venue or updated bank lineup. It also does not say whether the three banks remain involved. The February proposal set out a specific fundraising target; the current filing plan remains preliminary.

How large is RedotPay’s business?

RedotPay says it has more than 8 million users. Paymentscan data shows $410.5 million in 30-day stablecoin card transaction volume.

The report gives no revenue or profitability figures and does not specify the period behind the user count, so those two metrics do not show how much RedotPay earns from card activity. RedotPay supplied the user figure, while Paymentscan supplied the transaction measure, leaving customer reach and payment activity on separate bases.

What did RedotPay say about the delay?

RedotPay disputed Bloomberg’s August account, reportedly saying “there has been no deferral of our IPO,” and that it was “continuing to work with our partners on the IPO process.”

The company’s response leaves the timeline unsettled rather than resolving the earlier delay account. Bloomberg’s Monday report gives the filing an end-2026 target but no more specific date.

How large is the legal overhang?

In August, Binance-affiliated companies sued RedotPay’s founders, seeking nearly $473 million in damages. The lawsuit alleges that the founders used confidential information to build a competing payments business and divert customers.

RedotPay has denied the allegations and previously told Cointelegraph it would “vigorously defend all claims.” A related report also identifies a Singapore lawsuit within the wider Binance-RedotPay dispute, though the report gives no procedural detail on that case.

The nearly $473 million claim gives the legal dispute a disclosed scale alongside the proposed IPO and pre-IPO fundraising. The report does not link the suit to the listing timetable or investor talks, so it does not establish an outcome for either.

The next concrete checkpoint is the end of 2026, the target for a possible confidential RedotPay IPO filing; absent that step, the U.S. listing would remain a proposal and the potential $4 billion-to-$5 billion pre-IPO valuation would stay unsettled.