Hong Kong-based stablecoin payment company RedotPay is raising $150 million in funding, aiming for a US IPO with a valuation exceeding $4 billion.

PANews reported on March 18th that, according to Bloomberg, Hong Kong-based stablecoin payment company RedotPay is in talks with several institutions for a new funding round of up to $150 million. The company previously completed funding rounds exceeding $150 million in September and December of last year, with investors including Coinbase and Circle's venture capital arm. RedotPay is currently valued at over $1 billion and aims to list in the US this year at a valuation exceeding $4 billion.

Bloomberg reports that the company is facing frequent executive turnover while pursuing its IPO, with at least five senior employees serving less than 12 months in the past year, and the compliance chief position changing twice. It is currently proceeding with its listing plan without a chief financial officer. RedotPay's annualized total payment volume reportedly surpassed $10 billion in December last year, doubling year-on-year, with revenue reaching $158 million, over 6 million users, and coverage in more than 100 countries.