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Hong Kong-based dollar-pegged stablecoin FDUSD issuer First Digital Group has agreed to merge with Nasdaq-listed special purpose acquisition company CSLM Digital Asset Acquisition Corp III at a $250 million pre-money valuation, Tech in Asia reported.
The deal is expected to close in the first half of 2027, subject to regulatory approvals and other conditions, after which a new holding company is expected to list on Nasdaq.
FDUSD briefly experienced a 9% depegging event in April 2025 after Justin Sun, founder of Tron (TRX), claimed First Digital was insolvent. First Digital pushed back at the time, saying it held “more than 100%” in reserves.