Categories: Crypto

First Digital moves toward US listing through merger talks with CSLM SPAC

Key Takeaways

First Digital Group plans to go public via a SPAC merger with CSLM Digital Asset Acquisition Corp III.
First Digital issues the FDUSD stablecoin and manages reserves for TrueUSD, with recent legal disputes involving Techteryx.

First Digital Group is preparing to go public through a merger with CSLM Digital Asset Acquisition Corp III, a New York listed SPAC, according to a Bloomberg report. The Hong Kong-based firm has signed a non-binding letter of intent as crypto companies look to capitalize on a more favorable US listing environment.

The FDUSD issuer has about $920 million in circulation, down from a peak of $4.4 billion in April 2024. First Digital also manages reserves for TrueUSD and is in a legal dispute with Techteryx over the handling of those assets.

CSLM raised $230 million in its Nasdaq IPO in August, and the merger is expected to include a private investment in public equity, with details still being finalized.

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Adam Forsyth