Intelligence Feed event · Capital · 2026-10-07

    FDUSD Issuer First Digital Enters $250M SPAC Merger to List on Nasdaq

    Question

    FDUSD Issuer First Digital Enters $250M SPAC Merger to List on Nasdaq

    Direct answer

    First Digital Group, the issuer behind the FDUSD stablecoin, agreed to go public through a merger with special purpose acquisition company CSLM Digital Asset Acquisition Corp III (KOYN). The deal sets a pre-money equity valuation of $250 million. FDUSD has accumulated over $4.7 trillion in lifetime trading volume, primarily across centralized digital asset exchanges. The transaction highlights the continuation of regulated public listings for digital asset market infrastructure providers.

    Original publisher
    Market Ontology
    Evidence through
    2026-10-07
    Published
    2026-10-20
    Revision
    1 · 2026-10-20

    Cite as: Market Ontology, “FDUSD Issuer First Digital Enters $250M SPAC Merger to List on Nasdaq”, revision 1, evidence through 2026-10-07. https://marketontology.com/market-events/2026-10-07/fdusd-issuer-first-digital-enters-250m-spac-merger-to-list-on-nasdaq-1ae704

    CAPITAL
    FDUSD Issuer First Digital Enters $250M SPAC Merger to List on Nasdaq
    First Digital Group, the issuer behind the FDUSD stablecoin, agreed to go public through a merger with special purpose acquisition company CSLM Digital Asset Acquisition Corp III (KOYN). The deal sets a pre-money equity valuation of $250 million. FDUSD has accumulated over $4.7 trillion in lifetime trading volume, primarily across centralized digital asset exchanges. The transaction highlights the continuation of regulated public listings for digital asset market infrastructure providers.
    KOYN
    Impact
    70
    OCT 7
    SIG
    88%
    KOYN
    FDUSD Issuer First Digital Enters $250M SPAC Merger to List on Nasdaq
    First Digital Group, the issuer behind the FDUSD stablecoin, agreed to go public through a merger with special purpose acquisition company CSLM Digital Asset Acquisition Corp III (KOYN). The deal sets a pre-money equity valuation of $250 million. FDUSD has accumulated over $4.7 trillion in lifetime trading volume, primarily across centralized digital asset exchanges. The transaction highlights the continuation of regulated public listings for digital asset market infrastructure providers.
    → Listing FDUSD's issuing vehicle on Nasdaq via KOYN expands institutional equity access to digital asset payment settlement and reserve interest revenue streams.
    Impact
    First Digital Group, the issuer behind the FDUSD stablecoin, agreed to go public through a merger with special purpose acquisition company CSLM Digital Asset Acquisition Corp III (KOYN). The deal sets a pre-money equity valuation of $250 million. FDUSD has accumulated over $4.7 trillion in lifetime trading volume, primarily across centralized digital asset exchanges. The transaction highlights the continuation of regulated public listings for digital asset market infrastructure providers.
    Affected
    KOYN
    Transmission
    Listing FDUSD's issuing vehicle on Nasdaq via KOYN expands institutional equity access to digital asset payment settlement and reserve interest revenue streams.

    How this development reaches the affected companies

    AssetExposure and channelDirectionEvidence
    KOYNdefinitive de-SPAC business combination announcementUp1-4wFirst Digital signed definitive business combination agreement with KOYN at $250M valuation.

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    What happened next

    AssetCallBase close+1 day+5 days+20 days
    KOYNUpdisagreed10.26 2026-10-070.00%PendingPending

    Closing prices from stored daily bars; returns measured from the last close on or before the event date. Not a recommendation.

    No verifiable public source recorded for this card.

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