I recently observed an interesting phenomenon. A Hong Kong-based stablecoin payment company, RedotPay, is preparing for a U.S. IPO with a target valuation of over $4 billion, yet it is also experiencing ongoing personnel turmoil. Over the past year, at least five executives have left their positions, and none of their tenures has been longer than 12 months. The compliance officer has even been replaced twice, and they are still pushing ahead with the listing despite the fact that they do not yet have a Chief Financial Officer—something that is almost unthinkable in traditional finance.

However, from a financing perspective, RedotPay’s track record is indeed impressive. Last year, they completed two rounds of financing consecutively, with a total amount of over $150 million. Investors behind them include the venture arm of a well-known crypto exchange, as well as institutions such as Circle. They are now also in talks for a new round of financing, with the amount reaching as high as $150 million, which indicates that the market still holds a strong view of the stablecoin payments sector.

What even more clearly illustrates the problem is their performance data. In December last year, RedotPay’s annualized payment volume exceeded $10 billion, doubling year over year. Revenue reached $158 million, users exceeded 6 million, and it covered more than 100 countries. These figures show that the use of stablecoins in cross-border payments is accelerating, and RedotPay’s penetration in this niche market is also quite significant.

From financing to performance, everything is growing at a fast pace, but the frequent changes in senior management still leave some cause for concern. Before an IPO, personnel stability is usually a major focus for investors and regulators, and RedotPay needs to sort this out before going public. However, judging from the broader trend of stablecoin payments, the opportunities in this sector are still substantial, and it is worth continued attention.