The payments firm that claims to issue more stablecoin cards than any other company in the world has concluded that a public listing can hold. Perhaps as long as 2027.
Citing people familiar with the decision, Bloomberg reported Friday that RedotPay has shelved its planned $1 billion U.S. listing while it untangles legal problems. The offering had been slotted for this year.
According to those same people, a listing before 2027 now looks improbable. Call that a reset rather than a delay.
What the company will and won’t talk about
I put the report to RedotPay directly. The company responded to the part it felt like responding to.
“Our strategy continues to focus on global regulatory compliance and business growth,” a RedotPay spokesperson said via Telegram. “This week we obtained a money transmitter license in the U.S. We are preparing to launch our product in the U.S.”
Asked about the IPO, the spokesperson had no comment — itself a form of answer, given that the plan first emerged in February with the underwriting lineup already in place: Hong Kong-based RedotPay is said to have brought in JPMorgan, Goldman Sachs and Jeffries for the potential listing.
The $470 million problem
And then there’s the matter overshadowing everything else. In Hong Kong, Binance has lodged a $470 million suit against RedotPay, claiming it siphoned off roughly 470,000 users during a period when the two companies had an agreement in force.
Under that arrangement, Binance customers could spend Binance Pay funds through RedotPay to turn crypto into fiat. The exchange has also brought a parallel case in Singapore.
Run the arithmetic on the claim and it works out to roughly $1,000 for every user allegedly poached. Bankers are not keen on pricing a book while that sits unresolved across two jurisdictions.
The growth numbers are real, and messy
RedotPay reached unicorn status back in September. Per the spokesperson, the company posted a record-high 8.5 million users in the second quarter alongside a record $180 million in annualized revenue.
Set that against the first quarter, when the figures were nearly $12 billion in annualized revenue and 8 million users. That’s half a million users gained, and an annualized revenue number that has moved in a way those two figures don’t account for by themselves.
User growth looks steady enough. It’s the revenue framing where I’d want a prospectus — and a prospectus is precisely what has been put off.
A license is not a listing
Don’t dismiss the money transmitter license. It’s the unglamorous paperwork that allows a payments company to genuinely operate in the U.S. instead of merely discussing operating there.
What it won’t do is resolve a lawsuit or make an S-1 any easier to draft. RedotPay is leading with the win in hand while the tougher item remains open.
What to watch instead of the IPO
Set the listing chatter aside for the moment. The figure that actually signals where this heads is whether the Hong Kong and Singapore cases drift toward settlement or toward discovery.
If they settle, 2027 begins to look like a conservative estimate. If they reach discovery, RedotPay’s U.S. product launch becomes the entire story for a while — because it will be the only chapter the company gets to write on its own terms.