RedotPay’s rumored U.S. IPO is a signal that stablecoin payments are becoming “real” financial infrastructure

Bloomberg reports that Hong Kong based stablecoin payments firm RedotPay is exploring a U.S. IPO that could raise more than $1 billion, potentially at a valuation above $4 billion, with JPMorgan, Goldman Sachs, and Jefferies involved. If it happens, this is not just another crypto listing. It is a marker that crypto financial infrastructure for everyday money movement is maturing into a capital markets story, not only a trading story.

RedotPay’s profile fits the “payments infrastructure” narrative: the company has raised significant capital and publicly claims millions of users and large payment volume, which is the kind of scale public investors typically want to underwrite. The reported IPO exploration also lands at a moment when stablecoins are increasingly discussed as everyday money, used for payments, transfers, and settlement beyond crypto exchanges.

Why this matters for neobanks and crypto cards

1) Stablecoin payment rails are starting to look like a category, not a feature.
A potential IPO frames stablecoin payments as an investable segment of the payments stack: on ramps, off ramps, compliance, liquidity, treasury, and settlement. Neobanks that have treated stablecoins as an add on (or avoided them) will face growing pressure to decide where they stand on blockchain based payment systems and on chain and off chain settlement.

2) More credibility, and more scrutiny, for stablecoin card programs.
Crypto cards and stablecoin cards sit at the intersection of card payment rails and blockchain payment rails. If a major stablecoin payments firm goes public in the U.S., it increases the odds of tighter expectations around risk controls: KYC requirements, sanctions screening, transaction monitoring, chargeback and dispute handling, and clear disclosures on where fiat conversion happens. The upside is that better governed infrastructure tends to expand access to banking partners and card issuers over time.

3) A clearer split between “front end neobanks” and “money movement infrastructure.”
Many “crypto neobanks” market the app and the card, but the hard part is the plumbing: compliance jurisdiction, custody models, stablecoin liquidity, and settlement time. Public market pressure often rewards predictable unit economics and regulated distribution. That could accelerate specialization: some firms become the consumer brand, others become the API based crypto payments layer underneath.

The Hong Kong and China angle: regulation is part of the product

This story also highlights how geography is becoming a product attribute. Mainland China has reiterated and expanded restrictions around virtual currencies and has recently targeted unauthorized offshore issuance of yuan pegged stablecoins, while signaling strict oversight of tokenization tied to onshore assets. At the same time, Hong Kong continues positioning itself as a regulated hub for digital asset businesses.

For global neobanks and crypto card product teams, that means “supported countries” and “compliance jurisdiction” are not footnotes. They shape what you can offer: which stablecoins, which rails, which settlement model, and what user onboarding looks like.

What to expect next if RedotPay moves forward

If the IPO exploration becomes a real filing, watch for a few concrete signals:

• An S 1 that reveals the business model details investors care about: revenue mix (fees vs. FX and conversion costs), take rates, loss rates, and concentration risks (banking partners, issuers, networks).

• Clarity on settlement mechanics: where stablecoin settlement is used vs. where the system ultimately relies on off chain ledgers, and how liquidity is managed across corridors.

• Regulatory posture and licensing footprint: which jurisdictions anchor compliance, and how the firm handles cross border stablecoin payments and merchant settlement at scale.

• Competitive responses: more partnerships between neobanks, card program managers, and stablecoin payment processors, plus potential consolidation as firms race to build distribution.

The bigger takeaway for Neobankster readers

The important shift is this: stablecoins are increasingly treated as digital asset money movement infrastructure, not just crypto market plumbing. A credible path to a major U.S. IPO suggests investors are willing to value stablecoin payments platforms like fintech infrastructure providers, especially those that can operate across jurisdictions and integrate with existing card payment rails.

For neobanks and crypto cards, the next phase is likely less about splashy launches and more about distribution plus compliance plus unit economics. Expect more talk about custody type, conversion flow, fees and pricing transparency, and which parts of the stack are truly on chain versus simply “crypto labeled” payments.