First Digital Group plans to merge with CSLM Digital Asset Acquisition Corp III to go public in New York

The Hong Kong-based issuer of FDUSD, First Digital, is planning to go public in New York, adding to the list of crypto companies seeking public listings under the Trump administration’s supportive approach toward digital assets.

First Digital Group, the Hong Kong company that issues the FDUSD stablecoin, plans to go public by merging with a special purpose acquisition company (SPAC) called CSLM Digital Asset Acquisition Corp III, which is listed on the New York Stock Exchange. The SPAC raised $230 million through an initial public offering on the Nasdaq stock market in August.

The planned merger includes a private investment in a public equity deal, although details are reportedly still being worked out.

Crypto companies are rushing to go public

President Trump signed the GENIUS Act into law on July 18, establishing the first federal regulatory framework for stablecoins. The president’s favorable regulatory environment has also sparked a surge in crypto SPAC activity, reaching over $10 billion in 2025.

Hong Kong has been relatively hot this year for listings as well. Other companies like HashKey Holdings cleared the Hong Kong Stock Exchange’s listing hearing on December 1 and could raise up to $500 million.

The Thailand-based exchange Bitkub is planning to raise $200 million in a Hong Kong IPO as early as 2026 after initially abandoning its plans for a domestic listing due to weak market conditions in Thailand.

The pace of crypto listings has accelerated this year, though some companies have delayed their plans following a massive digital asset selloff.

First Digital continues to fight on legal fronts

FDUSD is a stablecoin issued by First Digital with roughly $920 million in market circulation, down significantly from about $4.4 billion at its peak in April 2024. The company also manages reserves as a fiduciary for TrueUSD, a stablecoin operated by Techteryx.

At a press conference reported by Cryptopolitan in late November, Justin Sun, the founder of the Tron blockchain and an adviser to Techteryx, accused First Digital Trust of rerouting TrueUSD reserves offshore and fabricating transaction documents to hide the transfers. A Dubai court issued a worldwide freezing order covering $456 million in assets tied to the disputed reserves.

First Digital has so far denied the allegations and filed a defamation claim against Sun. In a November social media post, the company called Sun’s allegations baseless.

The dispute is about whether or not First Digital was authorized to transfer TrueUSD reserve assets into illiquid vehicles managed by Aria Commodities, a Dubai-based trade finance firm.

Sun claims he put up about $500 million of his own money to cover an alleged liquidity shortfall in TrueUSD. He has urged Hong Kong regulators to intervene and strengthen the supervision of trust companies.

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