RedotPay

RedotPay is a payments app from Hong Kong that lets you spend crypto with a card. You load stablecoins or other coins into a RedotPay account. Each time you pay, the card turns some of that balance into local money. The app can also send money to banks abroad, pay shop QR codes, lend against your crypto and pay yield on stablecoins. Its Solana Card is made for people who hold SOL and Solana stablecoins. RedotPay is custodial, which means the company holds your funds for you. It does not accept US citizens. RedotPay says it has more than 9 million users.

How the RedotPay card works: sign-up, funding and custody

A RedotPay card is a payment card tied to a crypto balance that RedotPay holds for you. You open an account, prove who you are, load crypto, and pay for a card. When you buy something, RedotPay sells enough of your balance to cover it, and the shop gets normal money. The card works online, in shops, and through Apple Pay and Google Pay.

RedotPay is not a bank. Its website says the wallet is provided by licensed financial firms, with RedotPay as the service on top. You must pass an identity check to use it, and Sumsub is listed as the partner that runs those checks. There is no anonymous option. RedotPay says the card is accepted by over 130 million merchants.

Most people fund the account with stablecoins. RedotPay takes USDC and USDT over Solana, Ethereum, Tron, BNB Chain, Arbitrum and Polygon.

Two newer ways to add money arrived in autumn 2026:

• Card Deposit, announced on 21 September 2026, pulls money from more than 15 apps such as PayPal, Wise and Revolut.
• A wallet-connect top-up, shown on 3 October 2026, moves funds from a supported Web3 wallet in one tap.

Either way, the money lands in your RedotPay account first. The card does not spend straight from a wallet you control.

Card fees and limits: virtual card, physical card and ATM withdrawals

A RedotPay virtual card costs $10 and a physical card costs $100. Each fee is charged once, when the card is issued. There is no monthly or yearly card fee. After that, the main cost is a fee of about 1% each time your crypto is converted to pay for something. Paying in a foreign currency costs a little more.

The card prices come from RedotPay's help center. The same page says the welcome reward cannot be used to pay the card fee. RedotPay posts its full fee table as an image, so the conversion and ATM rows rely on Coin Bureau's review. Check the table inside the app before you rely on them.

The small charges are where people get caught out:

• A 1.5% fee applies at a short list of merchants that includes Facebook Ads, Discord and several mobile games. The first three such purchases each month are free of it.
• Purchases under $1 cost an extra $0.20 from the sixth one each month, under a fee change RedotPay posted in October 2024. The same post brought in a fee on repeated declined payments.
• Adding money from a bank card costs 3%, per the help center. Stablecoin deposits are the cheaper route.

Third-party reviews give different ATM limits, so they are left out here. The help center also describes both USD and HKD cards. Which one you hold decides when the foreign currency fee applies.

RedotPay Solana Card: spending SOL, USDC and USDT

The RedotPay Solana Card is a Solana-branded virtual card for spending SOL, stablecoins and other Solana assets. It costs the same as the standard virtual card, and you can add it to Apple Pay or Google Pay in minutes. It is still a custodial card. You send Solana assets to RedotPay first, then spend the balance.

RedotPay launched the Solana Card on 9 February 2026. It grew out of an earlier link between the two. RedotPay added Solana deposits in December 2024 and later added withdrawals, so USDC and USDT can move in and out over the network. Solana transfers confirm in seconds for a tiny fee. That helps when you top up a card just before you pay.

Two details are missing from the launch post. It does not say which Solana tokens, beyond SOL and stablecoins, you can spend. It also does not name the card network. Fintech News Hong Kong reported that the Solana Card runs on Visa. The launch cashback offer has ended.

Beyond the card: Send, Scan to Pay, Credit, Earn, Pro and Trade

The RedotPay app does more than card payments. You can send money abroad, pay by QR code, swap with other users, borrow against crypto, earn yield and, in a beta test, trade with leverage. Many of these only work in some countries, so the menu you see depends on where you live.

• Send lets you send crypto while the other person gets local money in a bank account or e-wallet. On 8 October 2026 RedotPay announced a deal with Nium, a cross-border payments company, to add payout markets.
• Scan to Pay settles a shop's QR code from your crypto balance. RedotPay added Vietnam, the Philippines, Kenya and Tanzania in August 2026, then five South American countries in September: Brazil, Colombia, Peru, Argentina and Bolivia. Brazilian PIX codes followed on 2 October 2026.
• The P2P Marketplace matches users who want to swap stablecoins for local money directly, in selected regions.
• Credit lets you borrow against BTC, ETH, SOL, TRX, BNB, XRP or S instead of selling. It runs under Hong Kong Money Lender's Licence No. 1715/2025. If your collateral falls far enough in value, RedotPay can sell it.
• Earn pays a variable rate on stablecoins with no lock-up, in selected regions. RedotPay's own disclaimer says your capital is at risk.
• RedotPay Pro is a paid membership at $12.90 a month or $129 a year. It gives 3% cashback on Apple Pay and Google Pay purchases and a free virtual card, or a free physical card on the annual plan.
• RedotPay Trade is a beta feature for perpetual futures, which are leveraged bets on a token's price. Orders run on Hyperliquid, a decentralised exchange. The beta is blocked in more than 80 countries, including the US, UK, Canada and most of Europe.

The app also sells mobile top-ups and travel eSIMs.

Supported countries: is RedotPay available in the USA?

RedotPay is not available in the United States. The US is on RedotPay's list of unsupported countries and regions, along with mainland China, Russia, Ukraine, Iran and about 35 others. The list works by citizenship. If you are a citizen of a listed country, you cannot pass the identity check, wherever you live.

Some Europeans are shut out too. Croatia and Slovenia, both in the EU, are on the list. So are Serbia, Albania and several other Balkan states. Earn, the P2P Marketplace and Trade each have their own, shorter country lists.

A US launch is being prepared, but RedotPay has given no date. The steps so far:

• 20 August 2026: RedotPay received its first state money transmitter licence. It said its US entity had not yet moved any customer money.
• 23 September 2026: RedotPay added lending licences in Idaho and Nebraska, with more than 20 state applications still pending.

Who RedotPay suits

RedotPay suits people who earn or save in stablecoins and live where it is slow or costly to get dollars into a bank. Think of a freelancer, remote worker or traveller outside the US who already holds USDT or USDC. That person wants a card that works online and in shops soon after signing up.

It fits less well in three cases:

• You want to hold your own keys. A custodial account is the wrong tool for that.
• You make many tiny purchases or pay in several currencies. The fees on each purchase add up faster than on a card with no conversion fee.
• You hold a US passport, or one from another listed country. You cannot open an account at all.

For Solana users, the appeal is narrow and practical. You can send USDC or SOL from a Solana wallet and have card balance to spend moments later. Since RedotPay holds the funds, it makes sense to keep the balance close to what you plan to spend.

Is RedotPay safe and legit? Licences, audits, the Binance lawsuit and custody risk

RedotPay is a real, licensed company with large backers. It is also custodial. Your money is only as safe as RedotPay itself: the company has to stay solvent, stay secure and release your funds when you ask. It has passed outside reviews. It also faces a large lawsuit, and some users report funds held up during checks.

On licences and security, RedotPay's About page lists these:

• a virtual asset provider registration in Argentina;
• money services business registrations in Canada and with FinCEN in the US;
• money lender and trust company licences in Hong Kong;
• ISO/IEC 27001 and SOC 2 Type II certifications, and PCI DSS compliance.

Customer crypto is held with Fireblocks, a custody firm. Fireblocks splits each signing key into parts, so no one part can move funds on its own.

Two outside reviews landed in September 2026. A Big Four accounting firm gave a clean audit opinion on RedotPay Group's accounts for the two years to the end of 2025. A second Big Four firm reviewed its money-laundering controls at its two licensed Hong Kong units.

There are limits to what these show. RedotPay has not named either firm or published the reports. A financial audit checks the company's books. It is a different thing from public proof that customer balances are fully backed, and RedotPay has not published that.

RedotPay also announced insurance cover through Qubit Underwriting in August 2026. The post gives no amount and does not say what is insured.

The open legal risk is a dispute with Binance. Firms tied to Binance have sued RedotPay's three co-founders in Hong Kong for about $473 million, Cointelegraph reported in August 2026. The claim says RedotPay drew hundreds of thousands of users away from Binance Card. It allegedly did so by letting them fund RedotPay cards through Binance Pay in ways the two firms' deal did not allow. Binance had ended Binance Pay support for RedotPay that April.

RedotPay said in a statement that it is fighting all claims. It added that the case does not change how the app runs day to day. No ruling had been reported by early October 2026.

User reviews are mixed. RedotPay scores a little over 3 out of 5 on Trustpilot in October 2026. The same three complaints come up most. Support is slow. Transfers get held during checks. Small fees catch people out.

RedotPay has not published smart contracts for its card product, so there is nothing for you to check on-chain. The Trade beta is the exception, since those positions sit on Hyperliquid.

RedotPay vs KAST, Bybit Card and other alternatives

People most often compare RedotPay with KAST, Bybit Card, Wise and Revolut. Three things separate them: who holds your money, what each purchase costs, and whether your country is supported. RedotPay's strengths are its wide country list and how much the app can do. Its weak points are the upfront card fee and the conversion charge.

KAST is the closest rival for Solana users, since it also centres on spending stablecoins. KAST's own comparison page claims a free virtual card and lower top-up fees than RedotPay. A competitor wrote that page, so check both fee tables yourself.

Bybit Card and other exchange cards make sense if your funds already sit on that exchange. Wise and Revolut are mainstream money apps built around bank transfers, and RedotPay's Card Deposit feature can pull funds from both. Self-custodial cards spend from a wallet you control, which removes the custody risk that comes with RedotPay.

Who is behind RedotPay: founders, funding and IPO plans

RedotPay was founded in Hong Kong in 2023. Michael Gao is chief executive and a co-founder. The Binance court filing names three co-founders: Gao Zhangpeng, Chan Wa Choi and Yao Chao. RedotPay said in August 2026 that it had about 300 staff.

The company raised about $194 million in 2025, across three rounds:

• a $40 million Series A, led by Lightspeed Venture Partners;
• a $47 million round in September 2025, led by Coinbase Ventures, which valued RedotPay above $1 billion;
• a $107 million Series B in December 2025, led by Goodwater Capital, with Pantera Capital, Blockchain Capital and Circle Ventures taking part.

Circle USDC$1.000+0.4%, which issues USDC, is also listed as a business partner on RedotPay's website.

A stock market listing has been reported but not confirmed. RedotPay has worked with JPMorgan, Goldman Sachs and Jefferies on a US listing, according to Cointelegraph. The same report says the timing has slipped to 2027 at the earliest. RedotPay's own audit post speaks only of "a potential future public listing".

Staff changes have drawn notice too. Finance Magnates reported that at least five senior hires had left within a year as of March 2026. It said the company had no finance chief at that point.

RedotPay's website and news posts do not mention a token of its own. Be wary of any coin that uses the RedotPay name unless RedotPay itself confirms it.