Stablecoin firm postpones listing plans to resolve legal challenges, including a $470 million lawsuit from Binance.
RedotPay has postponed its planned $1 billion U.S. initial public offering until at least 2027, citing ongoing legal issues. The Hong Kong-based stablecoin payments firm recently secured a U.S. money transmitter license and is preparing a product launch in the country, but declined to comment on its IPO timeline.
The company, which calls itself the world’s largest stablecoin payment card issuer, initially aimed to list this year. It faces a $470 million lawsuit from Binance, alleging the poaching of roughly 470,000 users. RedotPay had engaged JPMorgan, Goldman Sachs, and Jefferies for the potential listing.
A spokesperson emphasized the firm’s focus on regulatory compliance and business growth, noting recent progress in the U.S. market. The delay reflects broader challenges in the stablecoin sector amid heightened scrutiny.