Hong Kong stablecoin company First Digital agrees to list on Nasdaq via a backdoor deal at a $250 million valuation.

On October 8, citing Tech in Asia, Hong Kong digital asset company First Digital Group Limited (issuer of FDUSD) announced a merger agreement with NASDAQ-listed SPAC CSLM Digital Asset Acquisition Corp III. With a pre-transaction valuation of $250 million, the deal is expected to close in the first half of 2027, at which point the newly formed holding company will list on the NASDAQ.

FDUSD's cumulative trading volume had exceeded $4.7 trillion as of June 30, 2026. Reserves consist of cash and cash equivalents held in segregated accounts, subject to monthly independent verification. First Digital recorded revenues of approximately $87 million for the fiscal year ending June 30, 2025. Notably, FDUSD briefly depegged by 9% in April 2025 after Justin Sun publicly accused it of insolvency, claims the company has denied.