Hong Kong's RedotPay said to plan blockbuster $1 billion IPO in New York: Bloomberg
TL;DR
Hong Kong stablecoin payments company RedotPay is planning a U.S. IPO that could raise over $1 billion and value the firm at more than $4 billion. The company has hired major banks and aims for a New York listing as early as this year.
Key Takeaways
- •RedotPay's potential IPO would be one of the largest from Asia's stablecoin sector, with a valuation exceeding $4 billion.
- •The company has hired JPMorgan, Goldman Sachs, and Jefferies to explore a New York listing, possibly as early as this year.
- •RedotPay became a unicorn in 2024 and now has over 6 million registered users, backed by major crypto investors like Accel and Pantera Capital.
- •Hong Kong is preparing to license its first stablecoin issuers, reflecting growing regulatory acceptance of tokenized fiat currencies.
- •The IPO details are still fluid, with more banks potentially joining and the exact size and timeline yet to be finalized.
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What to know:
- RedotPay, a Hong Kong-based stablecoin payments company, is preparing a U.S. IPO that could raise more than $1 billion and value the firm at over $4 billion, according to Bloomberg.
- The company, which became a unicorn in 2024 and now has more than 6 million registered users, has hired JPMorgan, Goldman Sachs and Jefferies to explore a New York listing as early as this year.
- Backed by major crypto investors including Accel, Pantera Capital and Blockchain Capital, RedotPay’s offering would be among the largest IPOs to emerge from Asia’s stablecoin sector.
- RedotPay, a Hong Kong-based stablecoin payments company, is preparing a U.S. IPO that could raise more than $1 billion and value the firm at over $4 billion, according to Bloomberg.
- The company, which became a unicorn in 2024 and now has more than 6 million registered users, has hired JPMorgan, Goldman Sachs and Jefferies to explore a New York listing as early as this year.
- Backed by major crypto investors including Accel, Pantera Capital and Blockchain Capital, RedotPay’s offering would be among the largest IPOs to emerge from Asia’s stablecoin sector.
RedotPay, a Hong Kong-based stablecoin payments upstart, plans to raise more than $1 billion in a U.S. initial public offering (IPO) that could value it at over $4 billion.
Sources close to the matter told Bloomberg that the company, which achieved unicorn status in September last year, has tapped banking heavyweights such as JPMorgan, Goldman Sachs and Jefferies for a potential New York listing as early as this year.
Details of the IPO, such as the exact size and timeline, are still fluid, and more banks could jump in.
RedotPay raised $194 million in 2025, capped by a Series B in December, and now claims more than 6 million registered users. Backers read like a Who's Who of crypto venture capital: Accel, Pantera Capital and Blockchain Capital among others.
If it pulls off the IPO, it'd be one of the biggest from Asia's stablecoin scene.
Stablecoins are digital tokens with values pegged to an external reference such as the U.S. dollar. These tokens are widely used in trading cryptocurrencies and to move capital across borders.
Hong Kong, like other advanced nations, has warmed up to these tokenized versions of fiat currencies and is ready to license its first stablecoin issuers next month.
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