Stablecoin Firm RedotPay Is Said to Delay US IPO on Legal Issues

RedotPay has delayed plans for an initial public offering in the US as the stablecoin payments company seeks regulatory approvals and deals with legal issues, according to people familiar with the matter.

A listing may now take place next year or later, instead of previous plans for as soon as this year, the people said, asking not to be identified because the deliberations are private. RedotPay is seeking regulatory approvals from the countries where it operates before it can proceed with the IPO, some of the people said.

Bloomberg News reported last week that Binance affiliates are suing the founders of RedotPay for allegedly diverting hundreds of thousands of customers to a competing product, claiming nearly half a billion dollars in losses.

RedotPay has more than 8 million users in over 100 countries, according to its website.

A representative for RedotPay declined to comment on the timing of an IPO.

The company is focused on global regulatory compliance and business growth, according to the spokesperson. In a recent call with investors, it reported historical highs in terms of users, revenue, profit and margins, he added.

“This week, we obtained a money transmitter license in the US. We are preparing to launch our product in the US,” the spokesperson said. “RedotPay is aware of legal proceedings initiated by Binance and will vigorously defend all claims.”

RedotPay has been working with JPMorgan Chase & Co., Goldman Sachs Group Inc. and Jefferies Financial Group Inc. on a New York listing to potentially raise more than $1 billion as soon as this year, people familiar with the matter said in February. It was seeking a valuation of more than $4 billion, the people said at the time.

RedotPay raised $194 million in 2025, including through a Series B round in December, and said it reached unicorn status. Backers include the venture arms of crypto firms Coinbase Global Inc. and Circle Internet Group Inc.

The company has been in talks about raising up to $150 million in new funding, separate people familiar with the matter said in March.