First Digital Group Valued Between $1.5 Billion and $2.5 Billion in Planned SPAC Merger

Hong Kong-based First Digital Group, the issuer of the FDUSD stablecoin, is reportedly planning to go public in New York through a merger with CSLM Digital Asset Acquisition Corp III. The move positions the stablecoin firm for a significant market debut, with industry experts estimating First Digital's valuation between $1.5 billion and $2.5 billion. This announcement follows a trend of accelerated crypto company listings in a more favorable regulatory environment.

The planned public listing involves a special purpose acquisition company (SPAC), CSLM Digital Asset Acquisition Corp III, which successfully raised $230 million in its initial public offering on the Nasdaq stock market in August. The SPAC, focused on technology, financial services, or media in frontier growth markets, will facilitate First Digital's entry into the public market. Large investment firms have already committed $100 million to support the merger, indicating strong investor confidence.

First Digital Group is a pivotal player in the stablecoin market, issuing FDUSD, which currently holds a market circulation of approximately $920 million. This figure is down from its peak of roughly $4.4 billion in April 2024. Beyond FDUSD, the company also manages reserves as a fiduciary for TrueUSD, another prominent stablecoin.

The company's decision to go public comes amid a surge in crypto listings, attributed partly to the Trump administration's pro-digital assets stance and the signing of the GENIUS Act on July 18, 2025, which established a federal regulatory framework for stablecoins. This regulatory clarity has sparked increased crypto SPAC activity, reaching over $10 billion in 2025.

Despite its public listing ambitions, First Digital Group is currently embroiled in a legal dispute. Justin Sun, founder of the Tron blockchain and an advisor to TrueUSD operator Techteryx, has accused First Digital Trust of rerouting TrueUSD reserves offshore and fabricating transaction documents. A Dubai court has since issued a worldwide freezing order covering $456 million in assets tied to the disputed reserves, an allegation First Digital has denied, filing a defamation claim against Sun.