Hong Kong Stablecoin Payment Company RedotPay is Raising New Funding, Aiming for a Valuation of Over $4 Billion for a US IPO
By: theblockbeats.news|2026/03/18 09:01:39
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BlockBeats News, March 18th, according to Bloomberg, Hong Kong-based stablecoin payment company RedotPay is in talks with multiple institutions for a new round of financing of up to $1.5 billion. Previously, the company completed financing of over $1.5 billion in September and December last year, with investors including Coinbase and Circle's venture capital arms. RedotPay is currently valued at over $1 billion and aims to go public in the United States this year with a valuation of over $4 billion.
While advancing its IPO, the company is facing frequent executive turnover, with at least five senior employees serving for less than 12 months in the past year. The compliance officer position has changed twice, and the company is currently proceeding with its listing plans without a CFO. According to investor documents reviewed by Bloomberg, RedotPay's annualized total payment volume exceeded $10 billion in December last year, doubling year-on-year, with revenue reaching $158 million, over 6 million users, and coverage in over 100 countries.
In addition, RedotPay's partial connection to mainland China has raised concerns. Co-founder Dawei Yuan is a former co-founder of the Huobi cryptocurrency exchange, and COO Troy Yao previously led an engineering team in China, which relocated to Hong Kong in 2025 due to concerns from U.S. investors. Beijing-based venture capital firm GaoRong Capital's participation has not been disclosed publicly due to China's regulatory stance on cryptocurrency.
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