RedotPay is considering a confidential U.S. IPO filing before the end of 2026 and is discussing a possible pre-IPO funding round that could value the Hong Kong stablecoin payments company at $4 billion to $5 billion, Bloomberg reported on October 26, 2026. The plans are not settled. RedotPay is also defending a nearly $473 million lawsuit brought by Binance-affiliated companies.
- JPMorgan Chase, Goldman Sachs, Jefferies and Barclays are reportedly advising on a possible offering.
- The reported funding-round valuation is $4 billion to $5 billion; a later transaction could be valued at $5 billion or more.
- RedotPay has not announced an IPO date, venue or terms.
- Binance-affiliated plaintiffs allege misuse of confidential information; RedotPay denies the claims.
A possible filing, not a confirmed IPO
Bloomberg reported, citing people familiar with the matter, that RedotPay is considering privately submitting draft offering documents to the U.S. Securities and Exchange Commission before the end of 2026. A confidential filing lets a company seek SEC review before its registration statement becomes public. It is a preparatory step, not a commitment to go public.
RedotPay has not announced a filing date, listing venue, offering size, share price or expected trading date. Bloomberg’s sources said the timetable could change. The company did not respond to Bloomberg’s requests for comment.
The reported valuation figures describe different possibilities, not a settled price. A potential pre-IPO funding round could value RedotPay at $4 billion to $5 billion. Bloomberg’s sources said a later transaction might value it at $5 billion or more. Neither figure reflects a completed financing or a confirmed IPO valuation.
Earlier reports named JPMorgan Chase, Goldman Sachs and Jefferies. Bloomberg’s October 26 report also identified Barclays, whose involvement had not previously been disclosed. Barclays declined to comment.
Strong growth claims, limited public verification
Founded in 2023, RedotPay offers cryptocurrency payment cards, multicurrency wallets and transfer services, with stablecoins central to its business. Stablecoins are digital assets designed to hold a relatively steady value, often by tracking a currency such as the U.S. dollar.
Bloomberg’s sources put RedotPay’s customer base at more than 9 million and its global workforce at approximately 280 people. The report did not say whether the customer figure counts registered, active or cumulative users.
The same sources said annualized revenue had surpassed $180 million and that RedotPay reached a $100 million run rate within 18 months of launch. A run rate projects a recent revenue pace over a longer period. It is not the same as audited annual revenue. Bloomberg did not specify the period or calculation behind the $180 million figure, or whether the measures refer to gross or net revenue.
People familiar with the business also told Bloomberg that revenue in the first nine months of 2026 grew more than 50% year over year and that the operating profit margin exceeded 50%. RedotPay has not published audited financial statements confirming these specific figures. The company has not made its methodology public.
In September 2026, RedotPay reaffirmed its IPO preparations after completing a financial audit and a separate review of its anti-money laundering and counterterrorist financing controls. The company has not specified the audit’s period or scope, or said that it covers the revenue and margin figures Bloomberg reported. The completed audit, on its own, does not verify those figures for public investors.
RedotPay raised $194 million through financing rounds in 2025, including a $107 million Series B, according to the reported financing history. The company has named Goodwater Capital, Pantera Capital and Blockchain Capital among its investors. Separately, reports in February 2026 said RedotPay was considering raising more than $1 billion at a valuation above $4 billion. That proposal was not reported as a completed transaction. It is separate from current discussions about a possible pre-IPO round.
Binance dispute remains a complication
Binance-affiliated companies filed a lawsuit in August 2026 seeking nearly $473 million in damages. The plaintiffs allege that RedotPay used confidential business information from a prior commercial relationship, including arrangements involving Binance Pay, to build a competing payments service and attract customers. They claim that more than 470, 000 former Binance Card customers moved to RedotPay.
The claims have not been established in court. RedotPay denies the allegations and says the litigation will not disrupt its operations. In an August 5, 2026, statement, the company said it was “vigorously defending all claims.”
Separate proceedings in Singapore have produced conflicting public accounts. RedotPay previously indicated that Binance might discontinue the case. Binance maintained that its claims remained active after an August 2026 court hearing. Available information does not show that the hearing resolved the dispute, and there is not enough detail to describe its procedural outcome.
The litigation has also featured in differing accounts of RedotPay’s IPO preparations. Bloomberg reported in August 2026 that the company had delayed preparations while addressing licensing requirements and the Binance dispute. RedotPay disputed that account, saying the process had not been deferred.
A RedotPay spokesperson confirmed that the company obtained a U.S. money transmitter license and was preparing to introduce its products in the country. RedotPay has not disclosed the license’s jurisdiction or scope. Money-transmission licensing in the United States can involve state-level requirements, so the statement does not establish nationwide authorization.
What to watch
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Has RedotPay committed to a U.S. IPO?
No. Bloomberg reports that the company is considering a confidential filing before the end of 2026, but RedotPay has not confirmed a filing date or committed to a listing. A public registration statement or company announcement would offer firmer evidence.
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Is the $4 billion to $5 billion valuation final?
No. The range is reportedly under discussion for a possible pre-IPO funding round. It is not a completed financing or confirmed IPO valuation.
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What is the Binance-affiliated lawsuit about?
The plaintiffs allege RedotPay used confidential business information to build a competing service and attract former Binance Card customers. RedotPay denies the claims. Court filings and rulings will clarify the dispute’s status.
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What do RedotPay’s reported financial figures establish?
Bloomberg attributed the customer, revenue, growth and margin figures to people familiar with the company. RedotPay has not publicly established those specific results in audited financial statements, and the calculation methods remain unclear.
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What is known about RedotPay’s U.S. license?
A company spokesperson said RedotPay had obtained a U.S. money transmitter license, but the jurisdiction and scope have not been disclosed. Further company disclosures are needed to determine which activities and locations it covers.
RedotPay’s reported growth could make it a notable candidate for a U.S. listing, but headline figures are only useful when their definitions and supporting accounts are clear. Key signals to watch include a confirmed filing or public registration statement, fuller financial disclosures, details about the license’s scope and updates from the courts.
