Stablecoin payments firm RedotPay completes financial audit ahead of planned IPO
Summary
Stablecoin payments firm RedotPay says it has completed financial and anti-money-laundering reviews by unnamed Big Four firms as part of preparations for a potential U.S. IPO. CEO Michael Gao described the audits as supporting the company’s public-listing process. RedotPay denied that its IPO had been deferred but gave no listing date. It has 8.5 million users, and a source familiar with the matter said the company is seeking a valuation above $5 billion and reported record second-quarter transaction volume and operating margins over 50%, without supplying figures. Other crypto firms have also delayed IPO plans amid weaker market conditions.
