RedotPay completes financial audit as it presses ahead with U.S. IPO plans
Hong Kong-based stablecoin payments firm RedotPay said it has completed a financial audit and a separate review of its anti-money-laundering and counter-terrorist-financing controls as it prepares for a U.S. initial public offering. The company disputed reports that its IPO had been postponed, saying the process remains underway while it works with partners.
Why It Matters
Audited financial statements and compliance reviews are prerequisites for a U.S. listing, so RedotPay’s completion of these assessments represents a concrete step toward an IPO. The announcement also pushes back against reporting that suggested the company had delayed its public offering amid regulatory and legal hurdles.
Key Facts
- Company: RedotPay (Hong Kong-based stablecoin payments firm)
- Audit completed: Financial audit and separate AML/CTF controls review completed
- Who conducted reviews: Performed by Big Four firms (unnamed)
- Users: 8.5 million users as of July
- IPO status: Company says IPO has not been deferred; no listing date given,
RedotPay announced it has finished a financial audit and a separate assessment of its anti-money-laundering and counter-terrorist-financing controls, both steps the company said are part of its preparations for a U.S. initial public offering. The reviews were carried out by Big Four accounting firms, though RedotPay did not disclose which firms were involved. U.S. IPO filings require audited financial statements, and compliance reviews are often completed in parallel as firms ready themselves for public markets. The company, which allows users to hold stablecoins in an app, spend via a linked Visa card and transfer funds across borders, reported 8.5 million users as of July. CEO and co-founder Michael Gao said the audits were intended to strengthen confidence in RedotPay’s financial reporting and compliance standards and form part of its IPO preparations. RedotPay’s statement directly contradicted an August Bloomberg report that claimed the firm had postponed a U.S. listing while seeking regulatory approvals and resolving legal issues, potentially pushing a listing into 2027 or later. A RedotPay spokesperson told CoinDesk there has been no deferral and that the company is continuing to work with its partners on the IPO process, though no target listing date was provided. A person familiar with the company told CoinDesk that RedotPay is aiming for a valuation above $5 billion and that transaction volume hit a record in the second quarter while operating margin exceeded 50%, though that source did not disclose the underlying financial figures. The company’s move toward an IPO comes amid a broader backdrop of crypto firms delaying public listings, including Kraken parent Payward, Consensys, Ledger and Grayscale, which have cited weaker market conditions and other issues in postponing their plans.
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