Hong Kong-based crypto payments firm RedotPay has stated it is evolving its organizational structure as it scales, following a report detailing executive turnover and operational scrutiny. The company confirmed team consolidation to boost efficiency and said its founding leadership remains in place. RedotPay also stated there is no urgent need for new funding, citing strong cash flow, after raising nearly $200 million in 2025 and exploring potential U.S. IPO plans.
Hong Kong-based stablecoin payments company RedotPay said it has consolidated teams to improve efficiency as it scales. This follows a claim that the firm is facing leadership churn and sensitivities tied to its mainland China connections as it explores raising up to $150 million.
A report stated that at least five senior hires left the stablecoin company within a year, including two compliance chiefs. It also described a demanding work culture with extended hours.
Earlier reporting indicated RedotPay is considering a U.S. IPO that could raise over $1 billion. The company was reported to be working with JPMorgan, Goldman Sachs and Jefferies on a potential New York listing.
“As we transition from an early-stage startup to a unicorn, we are evolving our organizational structure and talent pool to support our ongoing growth trajectory,” RedotPay said in a statement. The company said that all co-founders, including CEO Michael Gao, continue to lead key functions.
The company confirmed it has not yet appointed a chief financial officer. It noted that one co-founder oversees finance alongside investor relations and corporate development leadership.
“We may appoint a CFO at a later stage as the need arises,” the company said, adding it now employs more than 250 people globally. RedotPay also said there is “no urgency” to secure new funding, citing strong operating cash flow and liquidity.
The stance comes after a year of heavy fundraising in 2025, raising a total of $194 million across three rounds. It began with a $40 million Series A led by Lightspeed, followed by a $47 million strategic round that brought in Coinbase Ventures.
The momentum continued in December with a $107 million Series B led by Goodwater Capital. Other investors included Pantera Capital, Blockchain Capital and Circle Ventures.
Founded in 2023, RedotPay offers an app paired with a Visa card for spending stablecoins. The company also provides yield and remittance services.
