First Digital moves toward US listing through merger talks with CSLM SPAC
First Digital Group is pursuing a US public listing via a SPAC merger with CSLM Digital Asset Acquisition Corp III.Summary
Hong Kong-based First Digital Group is moving toward a public listing on a US exchange by entering merger talks with CSLM Digital Asset Acquisition Corp III, a New York-listed SPAC. The firm, which issues the FDUSD stablecoin and manages reserves for TrueUSD, aims to capitalize on what it perceives as a more favorable regulatory environment for crypto firms in the United States. CSLM raised $230 million in its August Nasdaq IPO, and the proposed merger is expected to include a private investment in public equity (PIPE), though final details are still being worked out. First Digital's FDUSD stablecoin currently has about $920 million in circulation, significantly down from its April 2024 peak of $4.4 billion. The company is also involved in a legal dispute with Techteryx concerning the handling of TrueUSD assets.
(Source：Crypto Briefing)