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

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First Digital pursues a New York SPAC merger as crypto firms seek growth amid shifting regulatory stances in the United States.

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

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.

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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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