First Digital Signs $250 Million SPAC Deal to List on Nasdaq

First Digital, the group behind the FDUSD stablecoin, signed a definitive agreement to go public on Nasdaq through a $250 million merger with special purpose acquisition company CSLM Digital Asset Acquisition Corp III, Ltd., or KOYN.

The transaction values First Digital at $250 million on a pre-money equity basis.

Closing is targeted for the first half of 2027 and remains subject to shareholder and regulatory approval.

FDUSD, a U.S. dollar-referenced stablecoin launched in 2023, has recorded more than $4.7 trillion in cumulative trading volume as of June 30, 2026. First Digital generated approximately $87 million in revenue during the fiscal year ended June 30, 2025.

The proposed Nasdaq listing would give the Hong Kong digital asset group access to public markets. The transaction is expected to be completed in the first half of 2027.