RedotPay, a Hong Kong-based stablecoin payments firm and self-described world’s largest stablecoin payment card issuer, has delayed plans for a U.S. IPO that could have raised more than $1 billion, with a listing now unlikely before 2027 rather than this year as previously planned. The delay comes as RedotPay seeks regulatory approvals from the countries where it operates and deals with legal issues, according to people familiar with the matter cited by Bloomberg. The objective behind the pause is to shore up multi-jurisdictional licensing and compliance before going public; the company recently secured a U.S. money transmitter license and is preparing a U.S. product launch, while continuing to build out its stablecoin card business globally. The delay lands alongside a major legal dispute: Binance-affiliated entities sued RedotPay’s co-founders in Hong Kong, alleging the company diverted roughly 470,000 users from Binance Card in violation of a March 2025 partnership agreement, seeking about $472.8 million in damages. Key players include RedotPay’s founders and backers such as Circle, issuer of USDC, along with Binance, whose affiliates brought the lawsuit, and banks reportedly tapped for the offering, including JPMorgan, Goldman Sachs, and Jefferies. 

RedotPay Delays $1 Billion US IPO Amid Stablecoin Legal and Regulatory Hurdles