Hong Kong Stablecoin Payment Company RedotPay is Raising New Funds, Aiming for Over $4 Billion Valuation in US IPO

According to reports, Hong Kong stablecoin payment company RedotPay is in talks with multiple institutions for a new round of funding of up to $150 million. The company had previously raised over $150 million 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, with a target valuation of over $4 billion for its US listing this year.

As the company moves towards its IPO, it 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. Investor data reviewed by Bloomberg shows that RedotPay's annual total payment volume exceeded $10 billion in December last year, doubling year-on-year, with revenue reaching $158 million, over 6 million users, and operations in over 100 countries.

Furthermore, RedotPay's connections to mainland China have raised concerns. Co-founder Dawei Yuan was a former co-founder of the Huobi cryptocurrency exchange, while COO 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 venture capital firm GGV Capital in the investment has not been disclosed publicly due to China's regulatory stance on cryptocurrencies.

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