RedotPay weighs confidential US IPO filing by year-end: Bloomberg

RedotPay built its business on prepaid crypto debit cards, letting users in Asia and beyond spend stablecoin balances like USDT at ordinary merchants, a model also run by Crypto.com and Coinbase elsewhere. Hong Kong positioned itself as a friendly base for such firms after introducing its stablecoin issuer licensing regime in 2025. RedotPay had already pushed back once this year on reports that its US listing plans had stalled, making this fresh filing talk a correction of that narrative rather than a new ambition.

A confidential filing lets RedotPay negotiate with the SEC and prospective investors without tipping its hand publicly, buying time to firm up numbers before any roadshow. The parallel pre-IPO funding round matters more immediately: it gives select investors a chance to buy in at a valuation below the $4 billion to $5 billion range now being discussed, before retail investors get any shot through a listed stock. Existing shareholders and early backers stand to benefit most from that pricing gap.

Unresolved litigation tied to Binance sits awkwardly next to IPO ambitions, since any US prospectus will need to disclose legal exposure that could move the valuation investors are currently debating. A stablecoin payments firm seeking a Wall Street listing also tests how comfortable US regulators are with businesses whose core product sits outside traditional banking rails. Whether that litigation is resolved or merely disclosed as a risk factor will shape how skeptical public-market investors are once shares actually trade.

The concrete marker is the confidential filing itself, which RedotPay is weighing before year-end; a filing would start the SEC review clock and force clearer disclosure of the Binance litigation and the $4 billion to $5 billion valuation talk. If the pre-IPO round closes first, it will set a reference price that the eventual public offering either validates or undercuts. Both steps, not just public statements, will show whether this listing is actually moving or being floated again.