Hong Kong stablecoin payment company RedotPay is raising new funds, targeting a valuation of over $4 billion for a US IPO

Odaily News Hong Kong stablecoin payment company RedotPay is in talks with several institutions for a new round of financing of up to $150 million. The company had previously completed over $150 million in funding in September and December last year, with investors including the venture capital arms of Coinbase and Circle. RedotPay is currently valued at over $1 billion and aims to list in the United States this year with a valuation exceeding $4 billion.

While advancing its IPO, the company is facing frequent executive turnover. Over the past year, at least five senior employees have held their positions for less than 12 months, the compliance head role has changed twice, and the company is currently proceeding with its listing plans without a Chief Financial Officer. According to investor materials reviewed by Bloomberg, RedotPay's annualized total payment volume surpassed $10 billion in December last year, doubling year-on-year, with revenue reaching $158 million. The company has over 6 million users across more than 100 countries.

Furthermore, some of RedotPay's connections to mainland China have drawn attention. Co-founder Dawei Yuan is a former co-founder of the cryptocurrency exchange Huobi. Chief Operating Officer Troy Yao previously managed an engineering team in China, which relocated to Hong Kong in 2025 due to concerns from US investors. The participation of Beijing-based venture capital firm Gaorong Capital in the investment was not publicly disclosed due to China's regulatory stance on cryptocurrencies.