RedotPay

RedotPay is a stablecoin-based payment fintech that lets users spend, send, and manage cryptocurrency through Visa and Mastercard payment cards accepted at over 130 million merchants worldwide. Founded in Hong Kong in 2023, the platform targets crypto holders who want to convert digital assets into everyday purchasing power without selling or bridging through a centralized exchange.

What RedotPay Does

The company's pitch is practical: hold crypto in the RedotPay wallet, fund a card with stablecoins or other supported assets, and pay anywhere Visa or Mastercard is accepted. There is no dedicated trading interface. The product is built around spending, transfers, and basic asset management.

RedotPay is not a bank. Its multi-currency wallet is provided through licensed financial institutions, with RedotPay acting as the facilitating layer. Custody runs on Fireblocks' institutional MPC infrastructure, with segregated per-user blockchain addresses rather than a pooled hot wallet. Identity verification uses Sumsub, requiring a government-issued ID and a biometric face scan.

The platform reports over 8 million registered users across 100+ countries and $12 billion in annualized payment volume as of mid-2026. It is currently unavailable to residents of the United States, mainland China, Russia, Iran, and a handful of other restricted markets.

Card Products and Fees

RedotPay offers three card formats. The standard virtual card carries a one-time $10 application fee and activates within minutes after KYC approval. The physical card costs $100 and ships in 10 to 45 days depending on destination. A dedicated Solana Card, also virtual at $10, launched February 9, 2026, and is designed specifically for users spending SOL and Solana-based digital assets.

All card products operate on Visa or Mastercard rails depending on jurisdiction. There is no monthly or annual fee. FX conversion costs 1.2% on non-default currencies and 1.0% on standard conversions. ATM withdrawals run 2 to 3% depending on monthly volume. A RedotPay Pro membership tier unlocks up to 3% cashback on Apple Pay and Google Pay spend, and a points-and-rewards program runs across all tiers.

Supported Assets and Chains

RedotPay accepts deposits in USDT and USDC across Ethereum (ERC20), BNB Chain (BEP20), Tron (TRC20), Solana, Arbitrum, and Polygon. USDC and USDT withdrawals to Solana are also supported. The in-app wallet additionally holds BTC, ETH, SOL, BNB, TON, TRX, XRP, and S (Sonic). USDT on TRC20 typically provides the cheapest deposit route.

Beyond card spending, RedotPay's product suite includes:

• Swap: In-app conversion between supported assets
• Send Globally: User sends crypto; recipient receives local-currency bank or e-wallet payout in 50+ countries
• Send in App: Free P2P transfers between RedotPay users by UID, email, or phone number
• P2P Marketplace: Direct stablecoin trades across 50+ local currencies and over 200 payment methods with no platform fee
• Credit: Spend against crypto held as collateral with flexible repayment (governed under Hong Kong Money Lender's Licence No. 1715/2025)
• Earn: Daily rewards on held crypto, available in select regions
• Mobile Top-Up: Direct airtime and data credit via the app

Solana Integration

RedotPay's engagement with Solana began in December 2024. On December 26, 2024, the company formally announced its Solana integration, enabling deposits of USDC and USDT via the Solana network. A promotional campaign offered a 60% discount on virtual card fees for users who funded via Solana during the launch window.

USDC and USDT withdrawals to Solana followed, completing the round-trip: Solana became a full inbound and outbound rail. Solana is listed as an official business partner on the RedotPay homepage alongside Circle, Tether, Fireblocks, Polygon, Arbitrum, Ripple, and TON.

The Solana Card, announced February 9, 2026, extended the partnership from infrastructure to product. The card enables direct spending of SOL and other Solana-based assets at 130M+ global merchants, drawing on Solana's throughput for near-instant settlement confirmation. CEO Michael Gao described the launch as "a natural evolution, expanding our integration from deposits to enabling users to spend, send, and grow their Solana-based assets."

To mark the launch, RedotPay ran a cashback campaign through February 28, 2026, offering 1.5% back on the first three daily transactions, doubling to 3% for users who referred new Solana Card holders.

Team and Regulatory Footprint

Michael Gao co-founded RedotPay after working at DBS, the Singaporean bank. Jonathan Chan is the other named co-founder. The company's legal entity is Rabbit7 Holding (BVI) Limited, headquartered in Hong Kong.

RedotPay holds regulatory registrations across several jurisdictions: FinCEN Money Services Business status in the United States, MSB registration in Canada, Virtual Asset Service Provider licenses in Argentina and Lithuania, and a Trust or Company Service Provider registration in Hong Kong. Compliance and licensing expansion is cited as a priority use of capital from recent funding rounds.

Funding

RedotPay raised approximately $200 million across three rounds during 2025. A $40 million Series A, led by Lightspeed Venture Partners with participation from HongShan Capital Group, DST Global Partners, and Accel, closed in early 2025. A $47 million strategic round in September 2025, led by Coinbase Ventures with Vertex Ventures (Temasek) and Galaxy Ventures, pushed the company's valuation above $1 billion. The $107 million Series B closed December 16, 2025, led by Goodwater Capital with Pantera Capital, Blockchain Capital, Circle Ventures, and continued participation from HongShan.

At the Series B close, RedotPay reported over 6 million users, $10 billion in annualized payment volume (nearly tripled year-on-year), and $150 million in annualized revenue with the business operating profitably. The company employed roughly 250 people at that point and cited the Middle East and North Africa as priority geographic targets for new capital.

Ecosystem Position

RedotPay competes with Bybit Card, Binance Card, and a range of regional crypto card products, but has built a financial profile uncommon in the segment: profitable operations, institutional backers that include the venture arms of Coinbase and Circle, and a Solana-specific card product that gives SOL holders a direct off-ramp without an intermediary swap step. Its P2P marketplace and global transfer capabilities extend utility beyond the card alone, and its chain support now spans six networks for stablecoin movement. For users whose primary question is how to spend on-chain holdings in the real world, RedotPay is among the most complete single-app answers currently operating at scale.