RedotPay has completed a financial audit needed for a US stock market listing that could value the stablecoin payments company at more than $5 billion, and says its flotation plans are still on track.
The valuation target comes from a person familiar with the matter, who also said transaction volumes hit a record in the second quarter and that the company's operating margin was above 50%.
Stablecoins are cryptocurrencies designed to hold a steady value, usually by tracking the US dollar.
The Hong Kong-based company's app lets users hold stablecoins, spend them with a linked Visa card and send payments across borders, and it had 8.5 million users in July.
RedotPay also completed a separate review of its controls against money laundering and terrorist financing.
Both reviews were carried out by Big Four accountancy firms, which the company did not name.
"We undertook these audits to build confidence and trust in our financial reporting and compliance standards," said Michael Gao, RedotPay's chief executive and co-founder.
The disclosures contradict an August report that RedotPay had delayed its US listing to 2027 or later because of regulatory approvals and legal issues.
Those include a lawsuit from Binance, the cryptocurrency exchange, which alleges RedotPay poached 470,000 of its users.
"There has been no deferral of our IPO," a RedotPay spokesperson said, adding that the company is "continuing to work with our partners on the IPO process."
It has not given a listing date.
RedotPay is pressing ahead while other crypto companies back away from the stock market.
Payward, the owner of exchange Kraken, software developer Consensys, crypto wallet maker Ledger and asset manager Grayscale have all postponed planned listings as market conditions have weakened.
