Quick answer: RedotPay is weighing a confidential US IPO filing before the end of 2026, Bloomberg reported on Oct. 26, 2026. The Hong Kong stablecoin card firm is also in talks on a pre-IPO round valuing it at $4 billion to $5 billion. Nothing is final, and a $473 million Binance-linked lawsuit is still pending.
The RedotPay IPO is back on the calendar. The Hong Kong-based stablecoin payments firm is considering a confidential US listing filing before the end of 2026, Bloomberg reported on Oct. 26, citing people familiar with the matter.
RedotPay is also in talks with investors about a pre-IPO funding round. That round could value the company at between $4 billion and $5 billion, according to the same report, as relayed by Cointelegraph and crypto.news.
What happened with the RedotPay IPO plan?
Bloomberg’s sources said RedotPay may submit draft paperwork privately to the US Securities and Exchange Commission. A confidential filing lets the SEC review the documents before the company has to publish a full prospectus. Neither the filing date nor the funding round has been finalized, and the timeline could still change.
This is the third twist this year. In February, reports said RedotPay was exploring a New York listing that could raise more than $1 billion at a valuation above $4 billion. JPMorgan Chase, Goldman Sachs and Jefferies were reportedly working on that deal. Then, in August, Bloomberg reported that the plan had been delayed by regulatory hurdles and legal disputes. RedotPay rejected that framing at the time, saying “there has been no deferral of our IPO.”
According to crypto.news, Bloomberg also said Barclays has now joined the bank group, a role the bank declined to comment on. RedotPay did not respond to Bloomberg’s request for comment.
Why does a crypto card IPO matter?
RedotPay is not an exchange or a token project. It sells something much simpler: physical and virtual cards that let people spend stablecoin balances at ordinary merchants. That makes it one of the clearest tests of whether stablecoin payments can become a real, listed business.
The scale is already notable. RedotPay says it has more than 8 million users. Meanwhile, data from Paymentscan, cited by Cointelegraph, shows $410.5 million in 30-day stablecoin card transaction volume. For context, the two largest dollar stablecoins, USDT and USDC, had a combined market cap of about $253 billion at 07:56 UTC on Oct. 27, 2026, per CoinGecko. Card spending is still a small slice of that money, so there is plenty of room to grow.
A public listing would also force a level of disclosure the sector rarely gives. Investors would see audited revenue, fees, fraud losses and compliance costs for the first time. In turn, that data would help users compare providers, much as our guide to crypto card fees tries to do today.
The data and the open questions
The bull case rests on growth. According to Bloomberg’s sources, as reported by crypto.news, RedotPay’s annualized revenue has passed $180 million, and nine-month revenue grew more than 50% year over year. Those numbers are not audited public figures, though, so they should be treated with care until a prospectus appears.
The bear case rests on legal risk. In August, Binance-affiliated companies sued RedotPay’s founders, seeking nearly $473 million in damages. They allege the founders used confidential information to build a rival business and divert customers. RedotPay denies the claims and has said it will “vigorously defend all claims.” Any S-1 filing would have to describe this case in detail.
Regulation is the third factor. The US is opening the door to stablecoin businesses, from Ripple’s national trust bank approval to bank regulators urging smaller lenders into stablecoin payments. Still, a card issuer serving users worldwide faces licensing checks in every market it touches. Big card networks are moving in as well, as the Mesh and Visa payments deal shows, which means more competition for fees.
What to watch next
First, watch for a confirmed confidential filing. Companies often announce that they have filed confidentially, even when the documents stay private. Second, look for news on the pre-IPO round, because the final price will show whether investors accept the $4 billion to $5 billion range. Third, follow the Binance-linked lawsuit, since a ruling or settlement could change the risk picture.
Broader markets matter too. Bitcoin traded at $79,771 at 07:56 UTC on Oct. 27, 2026, down 0.2% in 24 hours, per CoinGecko. A weak crypto tape could push any listing into 2027, while a rebound would help. For users comparing cards right now, our crypto cards page lists options. Note that it includes referral links, including one for RedotPay.
RedotPay IPO FAQ
Has RedotPay filed for an IPO?
Not publicly. As of Oct. 27, 2026, Bloomberg reports that RedotPay is only considering a confidential US filing by the end of 2026. No exchange, share price, offering size or trading date has been announced.
How much could RedotPay be worth?
A pre-IPO funding round under discussion could value RedotPay at $4 billion to $5 billion, Bloomberg reported on Oct. 26, 2026. In February, earlier reports put the planned listing valuation above $4 billion.
What is the Binance lawsuit against RedotPay?
In August 2026, Binance-affiliated companies sued RedotPay’s founders for nearly $473 million. They allege misuse of confidential information to build a competing payments business. RedotPay denies the allegations.
Not financial advice. Pre-IPO reports can change, and crypto assets are volatile. Always DYOR.
Sources
- Cointelegraph: RedotPay weighs confidential US IPO filing by year-end (Oct. 27, 2026)
- Crypto.news: RedotPay targets year-end US IPO filing amid $5B valuation talks (Oct. 27, 2026)
- PYMNTS: RedotPay targets $5 billion valuation in pre-IPO funding (Oct. 26, 2026)
- CoinGecko: Bitcoin price
- CoinGecko: Tether (USDT) market data
