Hong Kong-based stablecoin payment company RedotPay is in talks with several institutions for a new funding round of up to $150 million. This follows its previous funding rounds of over $150 million in September and December of last year, with investors including Coinbase and Circle's venture capital arm. RedotPay is currently valued at over $1 billion and aims to list in the US this year at a valuation exceeding $4 billion. While pursuing its IPO, the company faces frequent executive turnover; at least five senior employees have been in their positions for less than 12 months in the past year, and the head of compliance has changed twice. It is currently proceeding with its IPO plans without a chief financial officer. According to investor data reviewed by Bloomberg, RedotPay's annualized total payment volume surpassed $10 billion in December of last year, doubling year-on-year, with revenue reaching $158 million and over 6 million users in more than 100 countries. Furthermore, RedotPay's connections to mainland China have drawn attention. Co-founder Dawei Yuan is the former co-founder of the cryptocurrency exchange Huobi. Chief Operating Officer 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-based venture capital firm Gaorong Capital was not disclosed due to China's regulatory stance on cryptocurrencies.
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