Hong Kong stablecoin payment company RedotPay raises up to $150 million, targets over $4 billion U.S. IPO

Techub News reported, according to Bloomberg, that Hong Kong stablecoin payment company RedotPay is in talks with multiple institutions for a new round of financing of up to $150 million. The company had previously completed over $150 million in financing last year, with investors including the venture capital arms of Coinbase and Circle. Currently, RedotPay's valuation exceeds $1 billion, with the goal of listing in the United States this year at a valuation exceeding $4 billion. The company is facing frequent executive changes during its IPO process; over the past year, at least five senior employees have held their positions for less than 12 months, the compliance head position has changed twice, and it is currently advancing its listing plan without a Chief Financial Officer. Investor materials show that RedotPay's annualized total payment volume exceeded $10 billion last year, doubling year-on-year, with revenue reaching $158 million, over 6 million users, and coverage in over 100 countries. Additionally, some of the company's connections with mainland China have drawn attention: co-founder Dawei Yuan is a former co-founder of the cryptocurrency exchange Huobi, and Chief Operating Officer Troy Yao previously managed an engineering team in China, which relocated to Hong Kong in 2025 due to concerns from U.S. investors; the participation of Beijing-based venture capital firm Gaorong Capital was not publicly disclosed due to China's regulatory stance on cryptocurrencies.