A payments company that says it issues more stablecoin cards than anyone else on the planet just decided that going public can wait. Possibly until 2027.
RedotPay has put its planned $1 billion U.S. listing on hold to work through legal problems, Bloomberg reported Friday, citing people familiar with the decision. The offering had been penciled in for this year.
Those same people said the listing is now unlikely to happen before 2027. That’s not a delay. That’s a reset.
What the company will and won’t talk about
I asked RedotPay directly about the report. The company answered the part it wanted to answer.
“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.”
On the IPO itself, the spokesperson declined to comment. Which is its own kind of answer when the plan first surfaced in February and the underwriting bench was already set: Hong Kong-based RedotPay is said to have tapped JPMorgan, Goldman Sachs and Jeffries for the potential listing.
The $470 million problem
Here’s the thing hanging over all of it. Binance has filed a $470 million lawsuit against RedotPay in Hong Kong, alleging the company poached roughly 470,000 users while the two firms had an agreement in place.
That agreement let Binance customers spend Binance Pay funds on RedotPay to convert crypto into fiat. The exchange filed a parallel case in Singapore.
Do the math on the claim and it lands at about $1,000 per allegedly poached user. Bankers don’t love pricing a book with that sitting unresolved in two jurisdictions.
The growth numbers are real, and messy
RedotPay hit unicorn status in September. The spokesperson said the company reported a record-high 8.5 million users in the second quarter and a record $180 million in annualized revenue.
Compare that with the first quarter, when it reported nearly $12 billion in annualized revenue and 8 million users. Half a million users added, and an annualized revenue figure that moved in a direction those two numbers don’t explain on their own.
The user growth is steady. The revenue framing is where I’d want a prospectus, and a prospectus is exactly what’s been postponed.
A license is not a listing
The money transmitter license matters. It’s the unglamorous paperwork that lets a payments company actually operate in the U.S. rather than talk about operating there.
But it doesn’t settle a lawsuit, and it doesn’t make an S-1 easier to write. RedotPay is leading with the win it has while the harder item stays open.
What to watch instead of the IPO
Skip the listing chatter for now. The number that tells you where this goes is whether the Hong Kong and Singapore cases move toward settlement or discovery.
Settlement, and 2027 starts looking conservative. Discovery, and RedotPay’s U.S. product launch becomes the whole story for a while, because it’ll be the only chapter the company can write itself.
