RedotPay
Stablecoin-based crypto payment and multi-currency wallet platform
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About RedotPay
RedotPay is a stablecoin-based payment technology company whose core product is a Visa-linked prepaid card. Users can top up with USDT, USDC, BTC, or ETH and spend at over 100 million Visa merchants worldwide, with automatic crypto-to-fiat settlement. Beyond the card, it offers local-currency withdrawals (e.g., Nigerian naira, Brazilian real), a P2P market supporting 50+ fiat currencies, interest-earning products, and crypto-backed credit lines, forming a closed-loop neo-banking ecosystem.
Its competitive edge lies in regulatory compliance: it holds a VASP license in Argentina, MSB registration in Canada and the US, ISO/IEC 27001 and PCI DSS certifications, with user assets insured up to $42 million by OneDegree and private keys stored in FIPS 140-2 Level 3 certified HSM. The RedotPay Connect gateway allows businesses to accept stablecoins and settle in local currency, reaching over 700 million crypto users.
The market pain point it addresses: in emerging markets like Nigeria, Brazil, and Southeast Asia, where fiat currencies are highly volatile and banking services are underdeveloped, users lack access to stable dollar-denominated payment tools. RedotPay provides a dollar-pegged spending and transfer channel, enabling fast, low-cost cross-border transactions.
In the past six months (Feb-Aug 2026), RedotPay grew users from 6 million to 8 million+ and annualized payment volume from $10 billion to $14 billion. However, in March 2026, Bloomberg reported executive instability, including two compliance officer changes within a year and no CFO in place during the IPO process. In August 2026, Binance filed a lawsuit against RedotPay's co-founders, claiming RedotPay violated a March 2025 cooperation agreement by allowing Binance Pay users to fund RedotPay cards directly, involving 470,000+ users and approximately $304 million in funds, seeking $472.8 million in damages. Additionally, gray-market KYC services for RedotPay accounts remain active on public networks, posing AML compliance risks.
RedotPay, a Hong Kong-based stablecoin payment company, has achieved several milestones of long-term significance. In December 2025, the company completed a $107 million Series B financing round led by Goodwater Capital, bringing its total 2025 funding to $194 million, with cumulative payment volume exceeding $10 billion. Earlier that year, RedotPay was named to the RootData List 2025 "Top 100 Projects," recognizing its influence in the Web3 sector. The company has also been exploring a US IPO, with reports indicating a potential valuation of over $4 billion and an offering size of approximately $1 billion. Notably, Binance Pay announced the termination of its partnership with RedotPay, a development that could reshape the company's strategic direction. These milestones highlight RedotPay's rapid growth in the stablecoin payment space and its ambition to expand into global capital markets.
Michael Gao (Co-founder & CEO): Previously held senior roles at HSBC, DBS, and ChainUp. He has a PhD in Economics from Nanyang Technological University and a Bachelor's in International Finance from Huazhong University of Science and Technology.
Jonathan Chan (Co-founder & Head of Partnerships): Former Sales Director at ChainUp, with experience in institutional banking at Maybank and DBS. He focuses on bridging traditional finance with digital assets.
Gao Zhangpeng (Co-founder): No reliable public profile available.