First Digital, issuer of the FDUSD stablecoin, agrees to go public on Nasdaq through a SPAC at a $250M valuation

First Digital Group, the Hong Kong company behind the FDUSD stablecoin, has signed a definitive business combination agreement with CSLM Digital Asset Acquisition Corp III (Nasdaq: KOYN), valuing it at $250 million pre-money. The combined company is expected to list on Nasdaq, with closing targeted for the first half of 2027, subject to shareholder, regulatory and listing approvals.

FDUSD is backed by cash and cash equivalents held in segregated accounts, with monthly attestations, and has recorded more than $4 trillion in cumulative trading volume. Binance remains its largest centralised market.

First Digital generated about $87 million in revenue in the fiscal year to June 2025, holds licences in Hong Kong and Canada, and is building Finance District, an on-chain ecosystem with FDUSD as its settlement asset. The two sides signed a non-binding letter of intent in 2025.