First Digital Group Limited, a Hong Kong-based digital asset company behind the FDUSD stablecoin, agreed to merge with Nasdaq-listed CSLM Digital Asset Acquisition Corp III at a US$250 million pre-money valuation.

Closing is expected in the first half of 2027, subject to approvals and other conditions. A new holding company is expected to list on Nasdaq.

CSLM is a special purpose acquisition company focused on digital assets.

First Digital said FDUSD’s cumulative trading volume topped US$4.7 trillion by June 30, 2026.

The company said the stablecoin’s reserves, made up of cash and cash equivalents, are held in segregated accounts and independently attested each month.

First Digital reported about US$87 million in revenue for the year ended June 30, 2025.

Its Finance District platform has four live products but does not yet generate material revenue.

FDUSD is traded on Binance and tracked on CoinGecko.

Hong Kong has implemented a stablecoin framework, and the Hong Kong Monetary Authority (HKMA) has set out its issuer regime.

FDUSD briefly suffered a 9% depeg in April 2025 after Justin Sun alleged First Digital was insolvent, which the company disputed.

🔗 Source: First Digital