Hong Kong-based stablecoin payments company RedotPay is weighing a confidential filing for a US initial public offering (IPO) before the end of 2026, reviving listing plans that had been clouded by months of uncertainty.

According to a Bloomberg report published on October 26, RedotPay is also in discussions with investors over a potential pre-IPO funding round that could value the cryptocurrency payments firm at between $4 billion and $5 billion, citing people familiar with the discussions. A confidential filing route would let RedotPay submit draft registration paperwork to the US Securities and Exchange Commission (SEC) for review before any details become public — an approach that has become a common on-ramp for technology companies approaching the public markets.

IPO Preparations Resume After Regulatory Setbacks

RedotPay first explored a US stock market listing in February 2026, with plans to potentially raise more than $1 billion. The company reportedly engaged JPMorgan Chase, Goldman Sachs, and Jefferies to assist with the proposed offering.

Progress subsequently stalled. Bloomberg reported in August that regulatory hurdles and legal disputes had complicated the IPO timeline, raising questions about whether RedotPay could complete its public listing before 2027. The company later challenged reports that its listing had been postponed.

In September, RedotPay confirmed it had completed a financial audit as part of its preparations for a potential US IPO, as reported by CoinDesk. The company also conducted a separate review of its anti-money laundering and counterterrorist financing controls, steps that support its efforts to strengthen financial transparency and regulatory compliance ahead of a possible listing.

Binance Legal Dispute Adds Uncertainty

The renewed filing push continues amid litigation involving Binance-affiliated companies. In August, Binance affiliates filed a lawsuit against RedotPay's founders, seeking approximately $473 million in damages. The lawsuit alleges that the founders used confidential business information to establish a competing payments platform and attract customers. Redot has rejected the allegations and maintains that it will defend itself against the claims. Material pending legal proceedings are a standard disclosure item in US IPO registration documents, so how the case develops is likely to draw attention alongside the company's listing preparations.

Despite these challenges, RedotPay continues to expand its stablecoin payments business. Founded in 2023, the company provides cryptocurrency payment cards and services that allow customers to spend digital assets on everyday purchases. It now serves more than 9 million customers worldwide, according to figures cited in the latest reporting, and its annualized revenue has exceeded $180 million.

A confidential IPO filing would allow RedotPay to advance its listing preparations without immediately making its financial disclosures public. However, the company has not confirmed a filing date, and the proposed offering remains subject to market conditions and regulatory considerations. Whether RedotPay confirms the filing, closes the pre-IPO round at the reported valuation range, and navigates the ongoing litigation are the immediate markers for tracking where its public listing effort stands.