First Digital Signs Definitive Agreement to Become a Publicly Listed Company to Build the Infrastructure for the Agentic Economy
Key Highlights
- ➤First Digital agreed to merge with Nasdaq-listed SPAC KOYN at a $250 million pre-money valuation
- ➤First Digital generated approximately $87 million in fiscal 2025 revenue
- ➤FDUSD surpassed $4.7 trillion in cumulative trading volume as of June 30, 2026
- ➤Finance District is live with four products but currently contributes no material revenue
- ➤Transaction closing is expected in the first half of 2027, pending shareholder and regulatory approvals
Expert Statements
Vincent Chok, Founder and Chief Executive Officer of First Digital
“First Digital was built by taking one thing at a time and getting it right. We launched FDUSD in 2023, and it has become one of the most actively traded stablecoins on centralised exchanges, fully backed by reserves that are attested every month. The next thing is Finance District: which we believe provides the infrastructure that people and their AI agents will need as commerce becomes agentic. We are at the beginning of that industry. A Nasdaq listing would give us access to public capital markets, the transparency of a listed company, and shareholders who can participate in building it with us.”
Vik Mittal, Chairman and Chief Executive Officer of KOYN
“We are honored to partner with a visionary of Vincent's standing. Custody, integrity, and trust, these foundational principles define First Digital's approach. Programmable money collapses the world's payment networks into one global dollar network. We're finally rewriting the world's financial rails from scratch. The emergence of agentic payments represents a paradigm shift, and First Digital is uniquely positioned to lead this transformation with FDUSD as the native settlement asset within Finance District.”
Black Spade Advisory, Strategic advisor to First Digital
“We are supportive of innovative developments in the digital asset sector and note the potential significance of the proposed business combination. This transaction could help advance the market presence of stablecoin-related infrastructure. We believe stablecoins can play an important role in future cross-border settlement and money flows. We are pleased to support Vincent and the First Digital team, who have positioned themselves at the forefront of this rapidly evolving sector.”
Transaction Highlights * First Digital is the group behind FDUSD, a USD-referenced stablecoin launched in 2023 that has recorded more than $4.7 trillion in cumulative trading volume (as of June 30, 2026) and a historical peak circulation of more than $4.4 billion (reached in April 2024) * Every FDUSD is backed by cash and cash equivalents, including short-dated US Treasury bills and reverse repurchase agreements, held with a licensed custodian in segregated client accounts, with monthly attestations by an independent accounting firm * First Digital generated approximately $87 million in revenue in the fiscal year ended June 30, 2025 * Finance District, an on-chain ecosystem for the agentic economy developed by First Digital, is live with four products: District Pass, Agent Wallet, Prism and an AI assistant * The Proposed Transaction values First Digital at $250 million on a pre-money equity basis; on closing, the post-combined company is expected to become a Nasdaq-listed company * Closing is expected in the first half of 2027, subject to shareholder and regulatory approvals and customary closing conditions HONG KONG and NEW YORK, Oct. 06, 2026 (GLOBE NEWSWIRE) -- First Digital Group Limited (together with its subsidiaries, "First Digital") has signed a definitive business combination agreement (the "BCA") with CSLM Digital Asset Acquisition Corp III, Ltd. (Nasdaq: KOYN) ("KOYN"). First Digital is the group behind the FDUSD stablecoin and the developer of Finance District. KOYN is a special purpose acquisition company, or SPAC, listed on Nasdaq.
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