Hong Kong-based stablecoin payment firm RedotPay is moving forward with plans to list on the US stock market. The initial public offering preparations were submitted via a confidential submission, or confidential filing, to the US Securities and Exchange Commission (SEC), targeting a debut before the end of 2026. In ongoing discussions, RedotPay has set a company valuation target in the range of $4 billion to $5 billion.
Four global investment banks are directly involved in transaction preparations: JPMorgan Chase, Goldman Sachs, Jefferies, and Barclays. This latest move updates initial exploratory efforts underway since February 2026. At the time, RedotPay had aimed to raise more than $1 billion at a valuation exceeding $4 billion.
$473 Million Lawsuit from Binance Affiliate
RedotPay’s path toward a US stock listing runs alongside a multimillion-dollar legal dispute. An entity affiliated with Binance has filed a civil lawsuit seeking nearly $473 million in damages. In the complaint, the plaintiff alleges that RedotPay misappropriated confidential information and diverted 470,000 Binance Card customers into its own ecosystem.
RedotPay has denied all allegations made by the Binance-affiliated entity. Management claims that business operations remain unaffected by the ongoing legal proceedings. RedotPay also emphasized that the company holds a US money transmitter license and has completed financial audits along with anti-money laundering and countering the financing of terrorism (AML/CFT) compliance audits.
Transaction Scale and User Base
Beyond legal proceedings and regulatory filings, operational data reveals active fund flows across RedotPay’s card products. The company notes that its registered user count has now surpassed 8 million accounts. Meanwhile, on-chain tracking data from the Paymentscan platform indicates that transaction volume for RedotPay’s stablecoin cards reached $410.5 million over the past 30 days.
For the crypto payments industry, RedotPay’s move presents two contrasting highlights. The involvement of four major Wall Street banks and a monthly transaction volume of $410.5 million demonstrate an operational scale ready for the US public market. However, the $473 million damages claim alleging the diversion of 470,000 Binance card customers remains a legal issue to be resolved in court. The continuation of this confidential filing before the end of 2026 will test RedotPay’s standing before both market regulators and the judicial system.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
