RedotPay Completes Financial Audit as It Pushes Ahead With U.S. IPO Plans

RedotPay, the Hong Kong-based stablecoin payments company, has taken a concrete step towards Wall Street. The firm says it has completed a financial audit as part of its preparations for a U.S. initial public offering (IPO), CoinDesk reported on September 28.

What RedotPay has done

An audit of the company's financial statements is one of the required building blocks before any company can list its shares publicly in the U.S. RedotPay said it has completed:

• a financial audit, and
• a separate review of its anti-money-laundering (AML) and counter-terrorist-financing controls.

Both were carried out by Big Four accounting firms, though RedotPay didn't say which ones.

What it hasn't said

There is no listing date. RedotPay says the IPO process is continuing, and a spokesperson said the listing has not been deferred.

That pushes back against an August report suggesting legal and regulatory issues could delay a listing to 2027 or later. For now, the company's message is simply that the work is ongoing. A person familiar with the company told CoinDesk it is aiming for a valuation above $5 billion.

What RedotPay does

RedotPay lets users:

• hold stablecoins in its app,
• spend them through a linked Visa card, and
• send money across borders.

The company said it had 8.5 million users as of July. It's one of a growing group of firms turning stablecoins into something people can use in daily life, not just for trading.

Why it matters

A successful RedotPay listing would be another sign that crypto payment companies are moving into the financial mainstream. It would also give public investors a direct way to back the "spend your stablecoins" business, a market that crypto cards like Cardaxo in the CANDY ecosystem are also built for.

But an audit is only one step. Regulators still need to review the listing, and market conditions will play a big part in timing.

The bottom line

RedotPay has ticked off an important box on the road to a U.S. IPO, with a completed Big Four audit and a compliance review. Until a date is announced, though, investors should treat the listing as a plan, not a certainty.

This article is for information only and is not financial advice.