RedotPay completes audit, says U.S. IPO plans on track

Hong Kong-based stablecoin payments company RedotPay says it has completed a financial audit — a required step for a U.S. listing — plus a separate review of its anti-money-laundering and counter-terrorist-financing controls. Both were conducted by unnamed Big Four firms, CEO Michael Gao said, as part of the company's preparation for going public.

• A spokesperson said the IPO has not been deferred, disputing an August Bloomberg report that legal and regulatory issues had pushed a listing to 2027 or later.
• The company is targeting a valuation above $5 billion, per a person familiar with the matter.
• RedotPay lets users hold stablecoins in an app, spend them through a linked Visa card and send money cross-border, reporting 8.5 million users as of July.

The push comes as several other crypto firms, including Kraken parent Payward and Ledger, have delayed U.S. listing plans amid weaker market conditions.