RedotPay, a Hong Kong-based payments fintech, said it raised $47 million in strategic investment, bringing in Coinbase Ventures as a new backer in a round that lifted its valuation above $1 billion, giving it so-called unicorn status.

The round included contributions from existing investors Galaxy Ventures and Vertex Ventures, the company said in a Thursday email.

RedotPay aims to blend blockchain speed and efficiency with traditional payment networks. Founded in 2023, the company has more than 5 million users across over 100 markets and processes an annualized $10 billion through stablecoin-powered cards, multicurrency wallets and global payout services.

The new money will accelerate growth, compliance and integration with the broader blockchain ecosystem, CEO Michael Gao said in the emailed announcement.

RedotPay’s Global Payout feature allows users to send stablecoins directly to local bank accounts or e-wallets, an offering that has seen strong adoption in emerging markets like Latin America, the company said.

The company’s ascension to unicorn status comes at a time when competition among stablecoin issuers and payment rails is intensifying, in part due to stablecoin regulations being introduced in some of the world’s foremost jurisdictions.