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Hong Kong-based stablecoin payments company RedotPay has completed a financial audit as it moves forward with preparations for a potential U.S. initial public offering.
RedotPay said Monday that it also finished a separate review of its anti-money-laundering and counter-terrorist-financing controls. Both assessments were conducted by unnamed Big Four accounting firms. Audited financial statements are required for a U.S. IPO prospectus, while the compliance review forms a separate part of the company's listing preparations.
The fintech company allows customers to hold stablecoins through its app, make purchases using a linked Visa card and conduct cross-border payments. RedotPay reported having 8.5 million users as of July.
CEO and co-founder Michael Gao said the audits were designed to strengthen confidence in RedotPay's financial reporting and compliance standards while supporting preparations to become a publicly traded company.
The announcement provides one of RedotPay's clearest confirmations yet that it is pursuing a U.S. IPO. Bloomberg reported in August that the company had postponed a potential listing while working through regulatory approvals and legal matters, suggesting an IPO could occur in 2027 or later.
RedotPay disputed that characterization. A company spokesperson said there had been "no deferral" of the IPO and that the firm continues to work with partners on the listing process. RedotPay has not disclosed a target date.
The stablecoin payments provider is seeking a valuation above $5 billion, according to a person familiar with the matter. The company reportedly recorded its highest transaction volume in the second quarter, while its operating margin surpassed 50%, although detailed financial figures were not provided.
RedotPay's IPO preparations come as other major cryptocurrency companies reconsider listing timelines amid weaker market conditions. Kraken parent Payward, Consensys, Ledger and Grayscale have reportedly delayed prospective public offerings, highlighting a more cautious environment for crypto IPOs.
