Hong Kong Stablecoin Company RedotPay Targets $4B Valuation in Planned U.S. IPO

The company is reportedly aiming to raise more than $1 billion at a valuation exceeding $4 billion, underscoring growing investor appetite for regulated stablecoin infrastructure.

The firm is said to be working with major Wall Street banks including JPMorgan Chase & Co., Goldman Sachs Group Inc., and Jefferies Financial Group Inc.. However, the plans remain fluid, and RedotPay has not yet made a formal public announcement.

Rapid Growth Ahead of Public Market Debut

Founded in 2023, RedotPay provides stablecoin-linked payment cards, multi-currency wallets, and global payout services. By late 2025, the company had surpassed 6 million registered users across more than 100 markets. Its total payment volume reportedly tripled in 2025, reaching approximately $10 billion in annualized volume.

The company also secured $194 million in funding throughout 2025, including a $107 million Series B round in December. Its backers include Circle Ventures, Pantera Capital, Blockchain Capital, Coinbase Ventures, and Galaxy Ventures.

Hong Kong’s Regulatory Push Strengthens Listing Narrative

RedotPay’s IPO ambitions come as Hong Kong accelerates its comprehensive digital asset regulatory framework in early 2026, potentially strengthening the company’s institutional credibility ahead of a U.S. listing.

The Stablecoins Ordinance, which came into force on August 1, 2025, requires any entity issuing fiat-referenced stablecoins in Hong Kong – or marketing them to the public – to obtain a license from the Hong Kong Monetary Authority. The first batch of official licenses is expected to be issued in March 2026, with unlicensed operators required to either comply or exit the market by that deadline.

To qualify, issuers must hold at least HK$25 million in paid-up capital and maintain 100% reserve backing in high-quality, liquid assets, alongside daily disclosure requirements. Around 36 firms had submitted applications by late 2025, with sandbox participants including units of JD.com and Standard Chartered Bank in partnership with Animoca Brands and HKT.

Expanded Crypto Licensing Framework

Beyond stablecoins, the Securities and Futures Commission is broadening oversight across the digital asset sector. A draft bill expected in 2026 will introduce new licensing categories for virtual asset custodians, dealers, and advisory or asset management services.

In February 2026, the regulator issued guidance allowing licensed brokers to provide margin financing for virtual assets to professional investors. A framework has also been introduced to permit licensed platforms to offer perpetual contracts and other leveraged products to institutional clients under tighter supervision, signaling a shift toward controlled institutional expansion rather than open retail speculation.

e-HKD+ and Tokenization Strategy

Parallel to private-sector reforms, the HKMA is advancing Project e-HKD+, its expanded central bank digital currency initiative. After completing retail trials in late 2025, the authority is prioritizing wholesale applications, particularly for interbank settlements and cross-border trade flows.

Project Ensemble, a live tokenization trial involving major financial institutions such as HSBC, is testing real-value transactions using tokenized deposits and digital assets throughout 2026. The broader technical and legal groundwork for a potential retail extension of the e-HKD is expected to be finalized in the first half of the year.

For RedotPay, aligning with Hong Kong’s tightening regulatory architecture while pursuing a U.S. listing could position the company at the intersection of two increasingly structured digital asset regimes. If completed, the IPO would mark one of the largest public debuts by a stablecoin-focused payments firm and a notable milestone for Hong Kong’s evolving crypto framework.

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