Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingKey facts
First Digital (the company behind the FDUSD stablecoin) has signed a final agreement to list on Nasdaq through a merger with blank check company KOYN. The transaction values First Digital at $250 million based on advance equity value and has no minimum cash conditions. The merger is expected to be completed in the first half of 2027, but requires approval from shareholders and regulators.
First Digital announced on Tuesday that its First Digital USD (FDUSD) stablecoin will be listed on the Nasdaq Stock Exchange by merging with a blank check company that values it at US$250 million. The move will put a stablecoin issuer on U.S. exchanges, even though FDUSD's liquidity is well below its 2024 peak, and First Digital is positioning itself as the infrastructure of the so-called "proxy economy."
wrote on the X platform: "This is an important milestone for First Digital." Under the agreement, First Digital will move from Gibraltar to the Cayman Islands and become a subsidiary of a New Cayman Holding Company expected to list on the Nasdaq. Officially known as CSLM Digital Asset Acquisition Corp III, KOYN is a Nasdaq-listed special purpose acquisition company (SPAC).
In addition, First Digital has signed a binding letter of intent with Millennial Trading Limited for a convertible note with a face value of US$25 million, zero interest, and a conversion price of US$12. However, First Digital said there was no guarantee that the note would actually be issued.
Founder and CEO Vincent Chok said in the announcement: "First Digital was built step by step, and we are committed to doing everything well."
FDUSD liquidity is well below its 2024 peak
At the time of the launch of this listing plan, FDUSD liquidity is only a small fraction of its 2024 peak. According to the announcement, the stablecoin will be launched in 2023, its market value will exceed US$1 billion in four months, and it will reach a circulation peak of more than US$4.4 billion in April 2024. As of writing, its market value is approximately US$324 million, according to CoinMarketCap data.
First Digital stated that FDUSD is backed by cash and cash equivalents placed in segregated accounts, including short-term U.S. Treasury bonds. The company said it achieved approximately $87 million in revenue for the fiscal year ended June 30, 2025.
First Digital bets on AI proxy payments
In addition to FDUSD, First Digital also launched Finance District, an on-chain ecosystem for users and their AI agents. Its existing products include Agent Wallet (a wallet for AI agents to operate via Model Context Protocol) and Prism (a merchant tool used to accept payments for digital assets, including stablecoins).
The Finance District is intended to be governed by holders of FDFI tokens, a governance token with a fixed supply of 2 billion but does not represent any equity in First Digital. According to the announcement, the platform has not yet generated substantial revenue.
This year, several other cryptocurrency companies are also seeking to list on Nasdaq through SPAC. For example, CoinShares successfully went public in April after a $1.2 billion SPAC merger, while Abara targeted a $750 million SPAC deal target in March.
