RedotPay IPO: Confidential US Filing Eyed at Up to $5B

The RedotPay IPO is back on the table. Bloomberg reported on October 26 that the Hong Kong-based stablecoin payments company is considering a confidential filing for a US initial public offering by the end of 2026. It is also in talks with investors about a pre-IPO funding round that could value it at $4 billion to $5 billion, according to people familiar with the matter. RedotPay did not comment on the report.

What actually happened

RedotPay sells physical and virtual cards that let people spend crypto, mostly stablecoins, on everyday purchases. It was founded in 2023. Bloomberg's report says the company is weighing a confidential submission to the SEC, which lets a company get regulator feedback before its paperwork goes public. Under SEC rules, the draft must be made public at least 15 days before the company starts a roadshow to market shares, so a confidential filing does not mean a listing is imminent. It means the clock has started.

The Paypers adds financial details from the same sources. Annualized run-rate revenue reached $100 million within 18 months of launch and has since risen above $180 million. Revenue for the first three quarters of 2026 grew more than 50% year on year, and the operating margin rose above 50%. The company has about 280 employees. It is working with JPMorgan Chase, Goldman Sachs, Jefferies and Barclays on an IPO at a valuation of at least $5 billion. Barclays' role had not been reported before.

None of those numbers come from audited public filings yet. They are figures from people familiar with the matter, so treat them as reported, not confirmed.

Why the RedotPay IPO stalled before

Cointelegraph lays out the history. In February, RedotPay was first reported to be exploring a New York listing that could raise more than $1 billion at a valuation above $4 billion. In August, Bloomberg reported that plans were delayed amid regulatory hurdles and legal disputes involving Binance. RedotPay pushed back, saying "there has been no deferral of our IPO".

The legal fight is real. In August, Binance-affiliated companies sued RedotPay's founders, seeking nearly $473 million in damages over claims they used confidential information to build a competing payments business and divert customers. RedotPay has denied the allegations and said it would "vigorously defend all claims". The Paypers notes the company says it received a clean audit from a Big Four firm.

A confidential filing is a dress rehearsal. The real test is what the public prospectus says about the lawsuit.

The bigger IPO wave

The RedotPay IPO talk lands in a hot window for listings. Anthropic just filed its S-1 for a Nasdaq debut, and prediction markets expect it to list in November, as we tracked in Anthropic IPO Polymarket December. Crypto payment firms want to ride the same appetite while stablecoin rules in the US take shape.

Stablecoin spending is also getting crowded. Card programs, payment networks and new dollar tokens are all chasing the same users, as we covered in Open USD stablecoin and Mastercard Agent Pay. A public listing would force RedotPay to disclose how much of its volume is sticky and how much depends on promotions.

What to do as a reader

There is nothing to buy today. A confidential filing, if it happens, will not be public at first, and no share price exists yet. Be very wary of any token or "pre-IPO share" offer using the RedotPay name. Those are a common scam after IPO headlines.

If you use RedotPay cards, nothing changes for you from this report. Keep an eye on official company channels, not social media rumors, for any change in service terms.

If you want to follow the RedotPay IPO, the signals to watch are a public S-1, any settlement or ruling in the Binance-linked lawsuit, and confirmation of the pre-IPO round. Until then, the $4 billion to $5 billion figure is a negotiation, not a price. Nothing here is investment advice.

Sources: Bloomberg, Cointelegraph and The Paypers.