RedotPay has put its planned $1 billion U.S. listing on ice, pushing any debut to 2027 at the earliest while it defends a $470 million lawsuit from Binance alleging the theft of nearly half a million users. The Hong Kong-based stablecoin card issuer, which only recently secured a U.S. money transmitter license and tapped JPMorgan, Goldman Sachs and Jefferies for the offering, confirmed the license and a coming U.S. product launch but declined to address the IPO directly.
The lawsuit that changed the timeline
Binance filed suit in Hong Kong claiming RedotPay poached roughly 470,000 users in violation of an agreement that let Binance Pay customers convert crypto to fiat through RedotPay’s cards. A parallel case sits in Singapore. The complaint landed after RedotPay’s February IPO emergence and appears to be the proximate cause of the delay, though the company frames the pause as a focus on regulatory compliance.
The numbers the company wants you to see
RedotPay’s own figures show 8.5 million users and $180 million in annualized revenue for the second quarter, both described as records. The first quarter, by contrast, showed 8 million users and nearly $12 billion in annualized revenue, a sequence that invites more questions than it answers. The company reached unicorn valuation in September.
The license that still matters
The U.S. money transmitter license is real and the product launch is proceeding. That infrastructure has value regardless of the listing timetable. The underwriter roster, JPMorgan, Goldman, Jefferies, remains engaged, at least on paper, though no updated mandate has been disclosed.
What happens next
The Binance litigation resolves on its own calendar. Until it does, the IPO stays theoretical. RedotPay’s stated strategy, compliance and growth, is the only one it can execute in public. The market will watch whether the user and revenue metrics hold, and whether the license translates into U.S. volume before any banker dusts off the S-1.