First Digital, the group behind the FDUSD stablecoin, has agreed to list on Nasdaq by merging with a special purpose acquisition company (SPAC).
The deal with CSLM Digital Asset Acquisition Corp III (KOYN) values First Digital at US$250 million before new capital is raised.
Both companies expect it to close in the first half of 2027, pending shareholder and regulatory approval.
First Digital will then be fully owned by a new holding company in the Cayman Islands.
Founder and CEO Vincent Chok will hold shares with ten votes each. Other shareholders will have one vote per share.
The group reported revenue of about US$87 million for the year ended 30 June 2025.
FDUSD was launched in 2023. By 30 June 2026, it had recorded over US$4 trillion in total trading volume, the company said. Its supply peaked at over US$4.4 billion in April 2024.
Every FDUSD is backed by cash and cash equivalents, including short-term US Treasury bills.
A licensed group custodian holds the reserves in separate accounts. An independent accounting firm reviews them each month.
First Digital said the listing would help fund Finance District. The platform offers financial tools for people and the AI agents acting for them. It is live but does not yet generate material revenue.
“A Nasdaq listing would give us access to public capital markets, the transparency of a listed company, and shareholders who can participate in building it with us,”
said Chok.
The company plans to open a branch in South Korea in early 2027, subject to regulatory and business factors. It also intends to seek approvals in Southeast Asia and other markets.
Featured image: Edited by Fintech News Hong Kong, based on image by First Digital via its website and sekillerim06 via Magnific .