First Digital Group, a Hong Kong-based stablecoin issuer, is reportedly planning to go public through a merger with CSLM Digital Asset Acquisition Corp III, a New York-listed SPAC. The company is expected to announce a non-binding letter of intent for the merger soon. First Digital issues the stablecoin FDUSD, which currently has a circulating supply of $920 million, down from $4.4 billion in April 2024. Additionally, First Digital manages reserves for TrueUSD, a stablecoin associated with Techteryx and advised by Justin Sun.