RedotPay uses stablecoins to cut cross-border payment costs

Its cards can be used at more than 130 million merchants globally.

Hong Kong fintech Red Dot Technology Ltd. (RedotPay) is using stablecoins to make cross-border payments faster and cheaper, targeting users facing high remittance costs and limited access to international payment services.

“The founders saw that crypto had matured as an asset class, but everyday usability, especially for payments and remittances, lagged,” Taylor Bossung, head of corporate affairs at RedotPay, said in an emailed reply to questions.

He said the company’s platform lets users deposit stablecoins and other digital assets into an app, link them to a card, and spend or send money from their balance almost instantly.

The company’s RedotPay Connect service, launched in June, also lets businesses accept stablecoin payments and receive funds in local currency or digital assets.

Traditional remittance channels in the Asia-Pacific region cost 5% to 15% of the amount sent in the first quarter of 2025 and took several days to process, according to an Asian Development Bank report published in February. Digital remittances cost about 3.6% and are processed in real time, ADB said.

RedotPay, founded in 2023, provides virtual and physical cards that can be used at more than 130 million merchants globally.

Bossung said the company is expanding its cross-border payment services across more than 100 markets whilst developing its card products and licensing operations.

The startup has raised about $1.5b (US$194m) across multiple funding rounds, including $314m (US$40m) in Series A funding and $840m (US$107m) in Series B funding in 2025. It earns revenue from transaction fees, card-related revenue, and value-added services.

The group has identified Brazil, Mexico, Argentina, and Colombia as markets where its cards are accepted. It also secured a money services business registration in Canada in March to support local currency payments and e-wallet services.