First Digital, FDUSD Issuer, to List on Nasdaq at $250M Valuation

First Digital Group Limited, the Hong Kong-based issuer behind the FDUSD stablecoin, said on 6 October 2026 that it signed a definitive business combination agreement with CSLM Digital Asset Acquisition Corp III, a Nasdaq-listed SPAC trading under the ticker KOYN. The deal values First Digital at $250 million on a pre-money equity basis. FDUSD, launched in 2023, has recorded more than $4 trillion in cumulative trading volume and a peak circulation above $4.4 billion, the company said. On closing, the combined entity is expected to list on Nasdaq.

Context — Why a Stablecoin Issuer Is Going Public Now

The transaction hands First Digital access to public capital markets at a moment when stablecoin regulation is moving through multiple jurisdictions at once. The company said the listing would fund the build-out of Finance District, its ecosystem for the agentic economy, and would bring listed-company reporting obligations that institutions, partners and regulators now expect. First Digital generated approximately $87 million in revenue in the fiscal year ended 30 June 2025.

The comparable the report itself offers is the stablecoin's own trajectory. FDUSD reached $1 billion in market capitalisation within four months of launch and went on to record a single-day trading-volume high of approximately $25 billion. That growth came largely through Binance, which listed FDUSD trading pairs and remains its largest centralised secondary market. The company now wants to widen that base beyond one venue.

South Korea is the clearest example. First Digital has signed memoranda of understanding with a subsidiary of the KOSDAQ-listed ITCEN Group and with Wavebridge Inc., a virtual asset service provider registered with the Korea Financial Intelligence Unit, to explore FDUSD distribution and settlement infrastructure. The company said it does not intend to issue a won-referenced stablecoin itself. It plans a Korean branch office in the first quarter of 2027, subject to regulatory and operational considerations.

Founder and CEO Vincent Chok has taken part in Korean policy discussions on stablecoins, including at the National Assembly in May 2026. The company holds a Trust or Company Service Provider licence in Hong Kong and two Money Services Business registrations in Canada, with an application pending with the Abu Dhabi Global Market for fiat-referenced token issuance.

Data — What the Numbers Show

Metric	Figure
Pre-money equity valuation	$250 million
Cumulative FDUSD trading volume	More than $4 trillion (as of 30 June 2026)
Peak FDUSD circulation	More than $4.4 billion (April 2024)
FY2025 revenue (year ended 30 June 2025)	Approximately $87 million
Single-day trading-volume high	Approximately $25 billion
Employees	More than 75
FDFI governance token supply	Two billion, fixed

Reserves behind every FDUSD are held as cash and cash equivalents, including short-dated US Treasury bills and reverse repurchase agreements, with a licensed custodian in segregated client accounts. First Digital Trust Limited, a Hong Kong-licensed trust or company service provider and a First Digital group company, acts as custodian. Monthly attestations are performed by an independent accounting firm. FDUSD pays no interest or yield.

Reach is broad on paper: the token trades in more than 100 pairs across 16 exchanges on six blockchain networks, including Ethereum, BNB Smart Chain, Solana, Sui, Arbitrum and TON. The gap between that footprint and the peak circulation figure is the central fact of the deal. A stablecoin can carry enormous throughput while its outstanding float stays modest, because trading volume and circulating supply measure different things.

The transaction contains no minimum cash condition. First Digital also disclosed a non-binding term sheet with Millennial Trading Limited for a $25 million convertible note bearing a 0% coupon and a $12.00 conversion price, with no assurance that definitive agreements will be reached. Existing investors include Kenetic, through Chainer Consultants Limited, and Nogle, through Nogle Limited.

Analysis — Who Is Exposed and What the Structure Reveals

The governance structure matters for anyone tracking listed digital-asset vehicles. KOYN shareholders and First Digital shareholders will exchange their equity for securities of a new Cayman Islands holding company. Most receive Class A ordinary shares carrying one vote each. Chok receives Class B shares carrying ten votes each, concentrating control in the founder after the listing.

That dual-class design is the counter-argument to the transparency pitch. A listing does impose SEC reporting, an F-4 registration statement and Nasdaq listing standards. It does not dilute founder control. Investors buying the post-combination company are buying a founder-led business with a governance token, FDFI, sitting alongside the equity. The company stated plainly that FDFI represents no equity, ownership or other interest in First Digital or FDUSD.

Finance District is the forward bet and the acknowledged limitation. Four products are live: District Pass, an identity credential; Agent Wallet, a multi-chain wallet that AI agents operate through the Model Context Protocol; Prism, merchant tooling for digital-asset payments; and an AI assistant. The company said Finance District does not yet contribute material revenue. Ecosystem supporters include Moca Services Limited, part of Animoca Brands, and Wintermute Trading Ltd.

The market-sizing numbers cited are third-party projections, not company results. Edgar, Dunn & Company projects global agentic consumer-to-business spend of $136 billion in 2025 growing to $1.7 trillion by 2030. Standard Chartered forecasts global stablecoin supply of approximately $2 trillion by 2028. Both are forecasts about an industry the company describes as early-stage.

Positioning flows from that split. Revenue today comes from a stablecoin whose float peaked two years ago and whose liquidity concentrates on one exchange. The valuation rests on infrastructure that has not yet earned. Advisors on the deal are Cohen & Company Capital Markets as exclusive capital markets and M&A advisor, DLA Piper LLP (US) and DLA Piper UK LLP as legal counsel to First Digital, Loeb & Loeb LLP for KOYN, and Black Spade Advisory as strategic advisor.

Outlook — What to Watch Next

The binding catalysts are procedural. Closing is expected in the first half of 2027, subject to shareholder votes at both First Digital and KOYN, regulatory approvals, the Form F-4 registration statement being declared effective by the SEC, and Nasdaq approving the listing application. KOYN will file the BCA and an investor presentation in one or more Current Reports on Form 8-K.

The convertible note with Millennial Trading is the nearest open item. Definitive agreements have not been signed, and the company gave no timeline. A $12.00 conversion price against a $250 million pre-money valuation is the only pricing reference disclosed for the equity.

Watch the Korean build-out and the ADGM licence application as the two regulatory tests of the expansion thesis. The company said it intends to seek authorisations in Europe, the United Arab Emirates, Southeast Asia, Latin America and the United States, without giving dates. Separately, First Digital filed a writ of summons on 3 April 2025 in the Hong Kong High Court initiating a defamation action against Sun Yuchen, also known as Justin Sun, in response to his public allegations.

Frequently Asked Questions

What does the First Digital Nasdaq listing mean for FDUSD holders?

Nothing changes about the token's mechanics. FDUSD remains a USD-referenced stablecoin backed by cash and cash equivalents held in segregated accounts with a licensed custodian, subject to monthly attestations, and it pays no yield. What changes is the issuer's corporate structure: First Digital becomes a wholly owned subsidiary of a Cayman Islands holding company whose shares are expected to trade on Nasdaq.