Hong Kong-based stablecoin payments company RedotPay said it has “consolidated” teams to improve efficiency as it scales, after a report found executive turnover and sensitivity related to its connections to mainland China.
Bloomberg’s report on Wednesday he claimed RedotPay faces loss of leadership and China-related sensitivity as it considers raising up to $150 million. Citing people familiar with the matter, the report said at least five senior employees had left the stablecoin company during the year, including two chief compliance officers, and described a demanding work culture with extended hours.
In February, Bloomberg reported that RedotPay was considering a U.S. initial public offering that could raise more than $1 billion and value the company at more than $4 billion. Reports indicate that the company is working with JPMorgan, Goldman Sachs and Jefferies on a potential listing on the New York Stock Exchange, which could occur later this year.
“As we transition from early-stage startup to unicorn, we are expanding our organizational structure and talent pool to support our continued growth trajectory,” RedotPay said in a statement to Cointelegraph, without addressing Bloomberg’s claims. The company said all co-founders, including CEO Michael Gao, chief operating officer and chief technology officer, continue to serve in key roles.
RedotPay says there is no urgent need to raise funds
The company confirmed that it has not yet named a chief financial officer, noting that one of its co-founders currently oversees finance, alongside investor relations and company development executives. “We may appoint a CFO at a later stage if needed,” the company said, adding that it currently employs more than 250 people worldwide, most of them in Hong Kong.
Related: Theo closes $100 million investment backing gold-pegged stablecoin
RedotPay also said it was “not urgent” to provide recent financing, citing mighty operating cash flow and liquidity. The company added that it remains open to investors.
The stance comes after a year of intense fundraising, during which the company raised a total of $194 million in three rounds in 2025. It started with a $40 million Series A in March led by Lightspeed, followed by a $47 million strategic round in September that brought in Coinbase Ventures and helped the company achieve unicorn status.
The momentum continued in December when the company’s $107 million Series B was led by Goodwater Capital with investors including Pantera Capital, Blockchain Capital and Circle Ventures.
Founded in 2023, RedotPay offers a Visa-connected app that allows users to spend stablecoins for everyday transactions, as well as yield and remittance services.
Related: Standard Chartered remains on the call for the sale of stablecoins worth 2,000. dollars, but limits the impact of treasury bills
Big questions: Is China hoarding gold to make the yuan a global reserve instead of the dollar?
