First Digital Group Eyes US Public Listing in Major SPAC Deal

First Digital Group plans to go public in the US via a SPAC merger with CSLM, aiming for greater transparency and access to capital. The FDUSD issuer’s market supply has dropped, and legal disputes continue.

First Digital Group, the Hong Kong-based issuer of the FDUSD stablecoin, is set to go public in the United States through a merger with CSLM Digital Asset Acquisition Corp III, a special purpose acquisition company (SPAC) listed on the New York Stock Exchange. The deal, valued between $1.5 billion and $2.5 billion and backed by major investment firms, aims to provide First Digital with access to US capital markets, increased transparency, and enhanced regulatory compliance. FDUSD’s market supply has declined from a peak of $4.4 billion in April 2024 to about $920 million by late 2025, reflecting strategic adjustments in the stablecoin sector. The merger, expected to close by the second quarter of 2026 pending regulatory and shareholder approval, comes amid a surge in crypto SPAC activity and a more favorable US regulatory environment, highlighted by the recent passage of the GENIUS Act. First Digital is also involved in ongoing legal disputes over the management of TrueUSD reserves. The move is anticipated to boost institutional confidence in regulated digital assets and accelerate mainstream adoption of stablecoins.