Hong Kong-based stablecoin payment upstart RedotPay plans to raise more than $1 billion in a U.S. initial public offering (IPO) that could value it at more than $4 billion.
The company, which achieved unicorn status last September and has hired banking giants such as JPMorgan Chase, Goldman Sachs and Jefferies, could go public in New York as early as this year, people familiar with the matter told Bloomberg.
Details such as the exact size and timetable of the IPO are still uncertain, and more banks may participate.
RedotPay raised $194 million in 2025 and completed a Series B round of financing in December, and now has more than 6 million registered users. The backers read like a who’s who of crypto venture capital: Accel, Pantera Capital, and Blockchain Capital, among others.
If it succeeds in its IPO, it will be one of the largest IPOs in the Asian stablecoin space.
A stablecoin is a digital token whose value is pegged to an external reference such as the U.S. dollar. These tokens are widely used for cryptocurrency trading and transferring capital across borders.
Like other developed countries, Hong Kong is ready for tokenized versions of these fiat currencies and is preparing to issue licenses to its first stablecoin issuers next month.