Stablecoin payments firm RedotPay completes financial audit ahead of planned IPO

Hong Kong-based stablecoin payments company RedotPay has completed a financial audit, a required step toward a U.S. initial public offering, as it pushes ahead with plans to take the business public, it said in a press release Monday.

The company also completed a separate review of its anti-money-laundering and counter-terrorist-financing controls. Both were conducted by Big Four firms, which RedotPay did not name. A U.S. IPO prospectus must include audited financial statements; the compliance review is a separate part of the firm’s preparations.

RedotPay lets users hold stablecoins in an app, spend them through a linked Visa card and send money across borders. The company said it had 8.5 million users as of July

“We undertook these audits to build confidence and trust in our financial reporting and compliance standards,” Michael Gao, CEO and co-founder of RedotPay, said in emailed comments. “They also form part of our preparation for taking the company public.”