RedotPay, which describes itself as the world’s largest stablecoin payment card issuer, told CoinDesk Wednesday it will defend itself “vigorously” against a $470 million Binance lawsuit alleging it poached 470,000 users.

“RedotPay is aware of legal proceedings initiated by Binance and will vigorously defend all claims,” the firm said in an emailed statement. “The Company rejects the unfounded allegations made against it and its co-founders.”

Binance affiliates filed a lawsuit against the founders of the Hong Kong-based stablecoin payments company, alleging they diverted nearly half a million Binance customers to the competing platform in a scheme that caused nearly $473 million in losses, according to a Bloomberg…