TL;DR
- RedotPay, a Hong Kong-based stablecoin payments company, is planning a New York IPO that could raise more than $1 billion.
- The company hired JPMorgan, Goldman Sachs and Jefferies to explore a listing that could value it at over $4 billion.
- Backed by Accel, Pantera Capital and Blockchain Capital, RedotPay raised $194 million in 2025 and now has more than 6 million users.
RedotPay, a Hong Kong-based stablecoin payments company, is preparing an initial public offering in the United States that could raise more than $1 billion and value the company at over $4 billion.
RedotPay has hired JPMorgan, Goldman Sachs and Jefferies to manage a potential listing on the New York Stock Exchange that could take place before the end of the year. The details of the deal, including its exact size and timeline, have not yet been finalized, and additional banks could still join the process.
RedotPay at the Peak of the Stablecoin Boom
The company reached unicorn status in September 2025 after closing the year with a total of $194 million raised, including a Series B round in December. As of last November, the platform reported more than 6 million registered users. Its investors include leading crypto-focused venture capital firms such as Accel, Pantera Capital, Blockchain Capital, Goodwater Capital, HSG and Vertex Ventures.
If the IPO moves forward, it would rank among the largest stablecoin-related public listings out of Asia, driven by the global rise of these digital assets. Stablecoins are digital tokens whose value is pegged to an external reference, typically the U.S. dollar, and are widely used both for cryptocurrency trading and cross-border capital transfers.
Hong Kong is also moving toward formal regulation of the sector. Authorities are expected to grant their first stablecoin issuer licenses next month, aligning with other advanced economies that are bringing stablecoins under dedicated regulatory frameworks.
According to the latest data from CoinMarketCap, the stablecoin market is valued at nearly $315 billion. Over the past 24 hours, trading volume exceeded $105 billion. USDT remains the clear market leader with a market capitalization of around $183 billion, followed at a significant distance by USDC at roughly $75 billion
