RedotPay is getting ready to go public. The Hong Kong-based stablecoin payments company is considering a confidential U.S. IPO filing before the end of the year, Bloomberg reports, citing people familiar with the matter. In parallel, it is still talking to investors about a pre-IPO round that would value it at $4 billion to $5 billion.
If it happens, RedotPay would be one of the first companies built around stablecoin cards to list on a U.S. exchange. That is a milestone for a category most people still file under “crypto niche”.
The numbers behind the filing
According to Bloomberg’s reporting, RedotPay now counts:
- More than 9 million customers and about 280 employees.
- Over $180 million in annualized run-rate revenue, growing more than 50% in the first nine months of 2026.
- An operating margin above 50%, rare for a payments company this young.
- $194 million raised in 2025, with the venture arms of Coinbase and Circle among its backers.
JPMorgan, Goldman Sachs, Jefferies and Barclays are reported to be working on the deal. A confidential filing lets the company go through SEC review before any financials become public, so the full prospectus would only surface closer to a listing.
Why it matters
Profitability is the headline. Stablecoin cards have been growing fast, with quarterly card spend up 86x between late 2023 and Q3 2026, but very few programs make money once cashback, issuing and compliance costs are paid. RedotPay is the exception: it has built its business on fees rather than rewards, and it still processes more volume than any other stablecoin card.
Its lead is shrinking in share, though not in size. RedotPay carried roughly 85% of all stablecoin card spend in late 2023 and is down to about 36% today, as KAST, ether.fi and a wave of newer programs took their slice of a market that keeps expanding. Going public at this point means selling the scale advantage while it still looks like a moat.
There is also an irony in the plan. RedotPay is seeking a U.S. listing, yet its card is not available to U.S. residents. Its growth comes from markets where dollar access is hard, from Latin America to Africa and Asia, which is exactly where stablecoins solve a real problem.
What to watch
The road has not been smooth. Earlier reports pointed to a delay because of regulatory questions and a legal dispute with Binance-linked entities, which RedotPay has said it will defend vigorously. The company has since completed a pre-IPO audit and an independent review of its anti-money-laundering controls. Expect scrutiny on compliance, licensing and customer concentration once the prospectus is public.
For the wider market, a successful listing would hand public investors a clean, profitable pure play on stablecoin spending, and give every other card program a valuation benchmark.
See how RedotPay compares to KAST, ether.fi Cash and others in our ranking of the best stablecoin cards, or read our full RedotPay review. For the wider market, see the listed stablecoin stocks and the latest stablecoin market data.
