First Digital to List on Nasdaq

First Digital Group Limited, a Hong Kong-based company behind the USD-referenced stablecoin FDUSD, has announced a definitive business combination agreement with CSLM Digital Asset Acquisition Corp III, Ltd. (KOYN), a Nasdaq-listed special purpose acquisition company (SPAC). The proposed transaction values First Digital at $250 million on a pre-money equity basis, and upon closing, the post-combined company is expected to become a Nasdaq-listed company. The closing is expected in the first half of 2027, subject to shareholder and regulatory approvals and customary closing conditions.

First Digital Group Limited is the group behind FDUSD, a USD-referenced stablecoin launched in 2023 that has recorded more than $4.7 trillion in cumulative trading volume (as of June 30, 2026) and a historical peak circulation of more than $4.4 billion (reached in April 2024). Every FDUSD is backed by cash and cash equivalents, including short-dated US Treasury bills and reverse repurchase agreements, held with a licensed custodian in segregated client accounts, with monthly attestations by an independent accounting firm.

First Digital Group Limited generated approximately $87 million in revenue in the fiscal year ended June 30, 2025. Finance District, an on-chain ecosystem for the agentic economy developed by First Digital, is live with four products: District Pass, Agent Wallet, Prism, and an AI assistant. The ecosystem is designed to provide the financial infrastructure for people and their AI agents, with District Pass serving as the single identity credential used across the ecosystem, Agent Wallet as a multi-chain wallet for AI agents, and Prism as a tool for merchants and e-commerce platforms to accept digital-asset payments.

The agentic economy, which encompasses financial transactions conducted by people and their AI agents, is expected to grow from $136 billion in 2025 to $1.7 trillion by 2030, according to projections by Edgar, Dunn & Company. The global stablecoin supply is forecast to reach approximately $2 trillion by 2028, according to forecasts by Standard Chartered. First Digital Group Limited is at the forefront of this transformation, with its stablecoin FDUSD as the native settlement asset within Finance District.

Founded in 2019 by Vincent Chok, the company has expanded its operations to include a senior team with experience in digital assets, regulatory compliance, financial operations, and technology infrastructure. Today, First Digital Group Limited has more than 75 employees across multiple jurisdictions, including Canada, where it holds two Money Services Business (MSB) registrations.

The proposed business combination will give First Digital Group Limited access to public capital markets, the transparency of a listed company, and shareholders who can participate in building the agentic economy with the company. The transaction values First Digital Group Limited at $250 million on a pre-money equity basis, and the closing is expected in the first half of 2027, subject to shareholder and regulatory approvals and customary closing conditions. The company currently holds a Trust or Company Service Provider (TCSP) licence in Hong Kong and two Money Services Business (MSB) registrations in Canada. It has a pending licence application with the Abu Dhabi Global Market (ADGM) for the issuance of fiat-referenced tokens and intends to seek authorizations in Europe, the United Arab Emirates, Southeast Asia, Latin America, and the United States.

The proposed transaction has been approved by the boards of directors of First Digital Group Limited and CSLM Digital Asset Acquisition Corp III, Ltd. (KOYN). The transaction is expected to be completed in the first half of 2027, subject to shareholder and regulatory approvals, the registration statement on Form F-4 to be filed by the Listed Company being declared effective by the U.S. Securities and Exchange Commission (SEC), and the approval of the Listed Company's listing application by Nasdaq. No assurance can be given that the proposed transaction will be completed on the terms or timeframe currently contemplated, or at all.