Stablecoin Company First Digital Plans Nasdaq Itemizing Through CSLM SPAC

TLDR

• First Digital plans merger with CSLM SPAC for a US stock market debut

• FDUSD present fell to $920M from $4.4B in April 2024

• CSLM raised $230M in a Nasdaq IPO for digital asset investments

• Glorious dispute ongoing between First Digital and Techteryx over TrueUSD reserves

Hong Kong-primarily based stablecoin issuer First Digital is getting ready to roam public within the US thru a proposed merger with CSLM Digital Asset Acquisition Corp III, a abnormal motive acquisition company listed on Nasdaq. The firms hang signed a non-binding letter of intent for the merger, in step with Bloomberg.

CSLM raised $230 million in its August 2025 IPO. The deal is anticipated to embody a private funding in public fairness (PIPE), though the construction is silent beneath overview. This roam comes as crypto firms pursue US listings amid changing regulatory conditions.

Favorable US Environment Boosts Crypto Listings

First Digital’s choice aligns with a broader construction among crypto firms pursuing US listings following fresh federal regulations. President Trump signed the GENIUS Act in July, creating the first national framework for stablecoin oversight.

Over $10 billion in crypto-connected SPAC affords had been announced this year. Corporations are responding to the extra supportive atmosphere, with market contributors seeing renewed investor flee for food and fewer regulatory hurdles.

Different firms are additionally though-provoking forward with listings. HashKey Holdings no longer too long ago cleared its checklist listening to in Hong Kong and may maybe well well lift as a lot as $500 million. Thailand-primarily based Bitkub is planning a Hong Kong IPO in 2026 after delaying domestic plans.

FDUSD Offer Shrinks Amid Market Volatility

First Digital points the FDUSD stablecoin, which has viewed its market present plunge to about $920 million—down from a high of $4.4 billion in April 2024. FDUSD is pegged to the US greenback and operates on lots of vital blockchain networks.

As well to issuing FDUSD, First Digital manages reserve resources for TrueUSD, one other stablecoin. These reserves hang turn out to be the topic of an ongoing lawful dispute between First Digital and Techteryx, the operator of TrueUSD.

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At a fresh press convention, Tron founder Justin Sun, who advises Techteryx, accused First Digital of mishandling TrueUSD reserves. A Dubai court has issued a freezing expose on $456 million in resources connected to the scenario.

Glorious Dispute With Techteryx Escalates

Justin Sun claims First Digital routed reserve funds offshore and ragged false documents to screen transfers though-provoking illiquid resources. He alleges that he contributed $500 million to present a enhance to liquidity all the scheme thru a shortfall at TrueUSD.

First Digital has rejected the claims and filed a defamation suit against Sun. In a divulge posted to social media, the corporate known as the allegations false and talked about its role as a fiduciary became once performed inner lawful limits.

The dispute specializes in whether First Digital had the shiny to procedure TrueUSD reserves into substitute finance constructions managed by Dubai-primarily based Aria Commodities. The case continues as regulatory pastime grows in stablecoin reserve transparency.