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RedotPay executive turnover clouds crypto pa
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RedotPay executive turnover clouds crypto pa
RedotPay executive turnover clouds crypto payments firm's $4 billion U.S. IPO ambition
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RedotPay executive turnover clouds crypto payments firm's $4 billion U.S. IPO ambition
The company's internal strain, including reports of required long working hours, is overshadowing its push for a U.S. listing.
By Francisco Rodrigues|Edited by Sheldon Reback
Mar 18, 2026, 1:01 p.m.
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(Jonas Lupe/Unsplash/Modified by CoinDesk)
What to know:
- RedotPay is pursuing a $4 billion U.S. IPO despite losing at least five senior hires in 12 months and lacking a chief financial officer.
- The company's internal strain, including reports of required long working hours for staff, overshadows its push for a high-stakes U.S. listing.
- The stablecoin firm has nevertheless seen strong growth, doubling revenue and passing $10 billion in annualized payment volume.
RedotPay, a Hong Kong-based stablecoin payments startup, is facing internal strain and executive turnover as it seeks up to $150 million in fresh funding and works toward a U.S. IPO that could value the company at more than $4 billion.
Those ambitions are being clouded by executive turnover. At least five senior hires left within 12 months, and the company is pursuing its listing plans without a chief financial officer. Staff, according to a Bloomberg report, have often been asked to work late for extended periods.
The fundraising talks come only months after RedotPay raised more than $150 million across two rounds in September and December. It remains open to strategic investors, but does not face pressure to raise funds because of strong cash flow, Bloomberg said.
The company has grown fast. Investor materials show annualized payment volume passed $10 billion in December, while revenue doubled to $158 million. RedotPay says it now serves more than 6 million users in over 100 countries.
Its main product is a stablecoin payments app linked to a Visa card. Users can store stablecoins in the app and spend them at merchants or online, while the platform also offers remittance services and yield on some holdings.
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Analysts say the $1.8 billion acquisition shows stablecoins are moving from niche use to global settlement rails.
What to know:
- Mastercard’s $1.8 billion deal to buy London-based BVNK signals that stablecoins are shifting from a niche crypto tool to a core layer of global payment infrastructure.
- Analysts say the acquisition will let Mastercard plug 24/7, blockchain-based stablecoin rails into its existing network, improving cross-border settlement while treating stablecoins as complementary rather than competitive to card payments.
- While BVNK’s roughly $40 million in revenue means limited near-term earnings impact, Wall Street views the purchase as a strategic bet on a coming stablecoin adoption wave and a defensive move to protect Mastercard’s core payments business.
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