RedotPay, a Hong Kong-based stablecoin payments startup, is facing internal strain and executive turnover as it seeks up to $150 million in fresh funding and works toward a U.S. IPO that could value the company at more than $4 billion.

Those ambitions are being clouded by executive turnover. At least five senior hires left within 12 months, and the company is pursuing its listing plans without a chief financial officer. Staff, according to a Bloomberg report, have often been asked to work late for extended periods.

The fundraising talks come only months after RedotPay raised more than $150 million across two rounds in September and December. It remains open to strategic investors, but does not face pressure to raise funds because of…