Stablecoin payments firm RedotPay is moving forward with plans to hold an initial public offering (IPO) in the U.S. this year.
The Hong Kong-based company says that it has completed a financial audit, a required step before a U.S. IPO.
The company also completed a separate review of its anti-money-laundering and counter-terrorist-financing controls, which were completed by leading accounting firms.
A U.S. IPO prospectus must include a company’s audited financial statements.
RedotPay lets users hold stablecoins in an app, spend them through a linked Visa (NYSE: $V) card and send money across borders.
The company has said that it has 8.5 million users worldwide. It has also said that transaction volumes reached a record in the second quarter, and its operating margin exceeds 50%.
It had been reported in recent months that RedotPay was considering delaying a U.S. listing as it seeks regulatory approvals and deals with some legal issues.
It now looks like the IPO could happen this autumn, although the company is still leaving the door open to a listing in 2027.
RedotPay is targeting a valuation of more than $5 billion U.S., according to earlier statements from the company.
The stablecoin company’s push toward a listing comes as several other crypto firms have called off their IPO plans.
Kraken parent Payward, Ethereum (CRYPTO: $ETH) software developer Consensys, hardware wallet maker Ledger, and asset manager Grayscale have all delayed their IPOs.
