Stablecoin Payment Company RedotPay Delays US IPO Plan

August 14th. Hong Kong-based stablecoin payment company RedotPay has postponed its planned IPO in the United States, with the listing date potentially being postponed to next year or later. RedotPay had raised over $150 million in financing in September and December last year, with investors including Coinbase and Circle's venture arms.

Earlier reports indicated that at the beginning of this month, Binance-affiliated entities Nest Trading, Distributed Technologies, and Chaintecs Consulting Singapore filed a lawsuit in Hong Kong against RedotPay's co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao, alleging that the three had violated an agreement by redirecting over 470,000 users from Binance Card to RedotPay, claiming damages of $472.8 million.