First Digital Group Limited, the issuer of the FDUSD stablecoin, has signed a definitive business combination agreement with Nasdaq-listed SPAC CSLM Digital Asset Acquisition Corp III (KOYN). The transaction values the Hong Kong-based digital asset company at a pre-transaction equity valuation of $250 million. Upon completion, First Digital will become a wholly owned subsidiary of a new Cayman holding company, with existing shareholders exchanging their shares for Class A ordinary shares. The combined entity is expected to list on Nasdaq in the first half of 2027.