I just saw that Hong Kong-based stablecoin payment company RedotPay is raising funds again, this time aiming for $150 million with a valuation surpassing $4 billion. They plan to go public in the U.S. this year. Last year, they already raised over $150 million, with investors including a major exchange and some well-known venture capital firms. Their valuation has now exceeded $1 billion.

Interestingly, they are pushing for an IPO while changing leadership. Over the past year, at least five executives haven't served a full year, the compliance officer has been replaced twice, and now even the CFO hasn't been in place yet while they are pushing the listing plan. It seems a bit rushed.

However, looking at their performance, they are doing quite well in the stablecoin payment space. In December last year, their annualized total payment volume exceeded $10 billion, doubling year-over-year. Revenue reached $158 million, with over 6 million users, covering more than 100 countries. The growth rate is quite impressive. I just wonder if the frequent leadership changes will affect their IPO timeline; these details might become regulatory issues in the U.S.