Recently, I've noticed that there have been quite frequent activities from RedotPay, a stablecoin payment company in Hong Kong. Last year, they completed two funding rounds totaling over $150 million, backed by major institutions like Coinbase and Circle, with a valuation surpassing $1 billion.

Interestingly, although the company has been smoothly raising funds, internal personnel changes have been quite frequent. Over the past year, at least five executives have left, each serving less than 12 months. The compliance officer has been replaced twice, and they currently don't even have a Chief Financial Officer. Despite this, they are still pushing forward with their plan to go public in the U.S. this year, aiming for a valuation of over $4 billion.

Looking at the business data, RedotPay's stablecoin payment volume is indeed growing. As of December last year, annualized payment volume exceeded $10 billion, doubling year-over-year. Revenue reached $158 million, with over 6 million users, covering more than 100 countries. This growth rate is quite impressive in the stablecoin payment sector.

However, the high turnover rate among executives is a bit concerning. Frequent personnel changes before an IPO often attract investor attention, especially in critical departments like compliance and finance. As competition in the stablecoin payment space intensifies, whether RedotPay can stabilize its team through the listing period may be a significant challenge.