Stablecoin payments company RedotPay says it has completed a financial audit required for a U.S. public listing, directly disputing an August report that its initial public offering had been deferred.
The Hong Kong-based company also completed a separate review of its anti-money-laundering and counter-terrorist-financing controls. RedotPay said Big Four accounting firms performed both engagements but did not name them or release the underlying reports.
RedotPay allows users to hold stablecoins, spend through a linked Visa card and make cross-border transfers. The company reported 8.5 million users as of July, according to CoinDesk’s September 28 report. coindesk.com
A company spokesperson said the IPO had not been deferred but provided no filing date. An unnamed person familiar with the company said RedotPay is targeting a valuation above $5 billion and recorded an operating margin exceeding 50%. Those valuation and performance figures were not supported by published financial statements.
Completing an audit is necessary for an offering prospectus, but it does not establish that a registration statement has been confidentially submitted, that regulators have reviewed the business or that an underwriting syndicate is committed.
TOKEN RECON ASSESSMENT
RedotPay has supplied evidence that IPO preparation continues, not evidence that a listing is imminent.
The decisive document will be an SEC registration statement containing audited revenue, expenses, reserves, related-party arrangements and risk disclosures. Until that filing appears, the valuation target and operating margin remain attributed claims rather than independently verified financial facts.
Sources
CoinDesk: RedotPay completes audit while pursuing U.S. IPO
RedotPay: AML and counter-terrorist-financing review statement
