Hong Kong-based stablecoin payments company RedotPay has completed a financial audit as it prepares for a potential U.S. initial public offering, reinforcing its stated intention to pursue a public listing.

The company also finished a separate review of its anti-money-laundering and counter-terrorist-financing controls. Both engagements were carried out by Big Four accounting firms, though RedotPay did not identify which firms were involved. According to CoinDesk, audited financial statements are required as part of the process for a U.S. listing. For payments businesses, independent reviews of this kind are standard diligence items, since companies that move customer funds across borders operate under anti-money-laundering rules in the markets where they provide services.

IPO preparations continue

RedotPay said the completed audits form part of its preparations to take the company public. Co-founder and Chief Executive Officer Michael Gao said the work is intended to strengthen confidence in the company's financial reporting and compliance standards.

The company reported having 8.5 million users as of July. Its platform allows customers to hold stablecoins, spend funds through a linked Visa card, and transfer money internationally.

The audits come as stablecoin regulation firms up in both the United States and RedotPay's home market. The U.S. enacted the GENIUS Act in July to establish a federal framework for stablecoin issuers, while Hong Kong's stablecoin ordinance took effect in August, giving payments companies clearer licensing rules in two major jurisdictions.\nRedotPay's latest statements also push back against an August report claiming the company had delayed its U.S. IPO because of regulatory approvals and legal issues. That report suggested a listing could slip to 2027 or later.

"There has been no deferral of our IPO," a RedotPay spokesperson told CoinDesk. The company said it continues to work with partners on the process but did not provide a listing date.

Valuation target remains above $5 billion

A person familiar with the company said RedotPay is targeting a valuation above $5 billion. The same source said transaction volume reached a record during the second quarter and that the company's operating margin exceeded 50%.

RedotPay's IPO preparations come as other crypto companies reassess their plans for public listings. Several prospective offerings have been delayed across the broader market, creating a more cautious environment for digital-asset businesses seeking access to public markets.

For RedotPay, the completed financial audit clears one important preparatory step, but the company still faces regulatory and market considerations before it can complete a U.S. listing. The next observable milestone in a U.S. listing process is typically a public registration filing with the Securities and Exchange Commission, which puts a listing candidate's financials on record for review; RedotPay has not said when it expects to list.