Hong Kong's RedotPay said to plan blockbuster $1 billion IPO in New York: Bloomberg

RedotPay, a Hong Kong-based stablecoin payments upstart, plans to raise more than $1 billion in a U.S. initial public offering (IPO) that could value it at over $4 billion.

Sources close to the matter told Bloomberg that the company, which achieved unicorn status in September last year, has tapped banking heavyweights such as JPMorgan, Goldman Sachs and Jefferies for a potential New York listing as early as this year.

Details of the IPO, such as the exact size and timeline, are still fluid, and more banks could jump in.

RedotPay raised $194 million in 2025, capped by a Series B in December, and now claims more than 6 million registered users. Backers read like a Who's Who of crypto venture capital: Accel, Pantera Capital and Blockchain Capital among others.

If it pulls off the IPO, it'd be one of the biggest from Asia's stablecoin scene.

Stablecoins are digital tokens with values pegged to an external reference such as the U.S. dollar. These tokens are widely used in trading cryptocurrencies and to move capital across borders.

Hong Kong, like other advanced nations, has warmed up to these tokenized versions of fiat currencies and is ready to license its first stablecoin issuers next month.