First Digital, issuer of FDUSD, goes public via merger with a $250 million valuation

FDUSD issuer First Digital has reached a merger agreement with CSLM Digital Asset Acquisition Corp III, with a pre-transaction valuation of $250 million. After the transaction is completed, the two parties will establish a new holding company and list on NASDAQ, expected to be finalized in the first half of 2027, subject to regulatory approval and other closing conditions. As of June 30, 2026, FDUSD's cumulative trading volume exceeded $4.7 trillion, with fiscal year 2025 revenue of approximately $87 million. First Digital stated that the reserves for FDUSD consist of cash and cash equivalents, held in segregated accounts, and are subject to monthly verification by an independent agency. The company's Finance District platform has launched four products but has not yet generated significant revenue.

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