Business
CSLM Digital Asset Acquisition Corp III, Ltd. (Nasdaq: KOYN) and First Digital Group Ltd. Announce A Letter of Intent for a Proposed Business Combination to Create a Global Stablecoin and Digital Payments Leader
First Digital Group is a leading stablecoin and digital asset infrastructure provider, and the group behind FDUSD - the #3 most-traded stablecoin globally -
About this update from Cslm Digital Asset Acquisition Corp Iii
[{"type":"text","content":"First Digital Group is a leading stablecoin and digital asset infrastructure provider, and the group behind FDUSD - the #3 most-traded stablecoin globally - supported by a compliance-first, fully backed trust framework and a rapidly expanding global payments and infrastructure ecosystem\nNEW YORK and HONG KONG, Dec. 02, 2025 (GLOBE NEWSWIRE) -- First Digital Group Ltd. (“First Digital” or the \"company\") and CSLM Digital Asset Acquisition Corp III, Ltd. (“KOYN”), a publicly listed special purpose acquisition company, jointly announce that they have entered into a non-binding letter of intent (“LOI”) for a proposed business combination. Upon completion, the combined company is expected to be publicly listed on a national securities exchange in the United States. First Digital Group: A Global Leader in Digital Asset Infrastructure First Digital has established itself as one of the most progressive and fastest-growing innovators in digital finance, evolving from its roots in traditional trust and custody services into a global provider of institution-ready digital asset infrastructure. Founded in 2019 and restructured under Gibraltar-based First Digital Group Ltd. in 2022, the company now operates across multiple jurisdictions with a compliance-first operating model and a proven record of delivering secure, reliable, and scalable financial technology solutions. At the center of First Digital's offering is FDUSD, a USD-denominated stablecoin fully backed by cash and cash equivalents held in a Hong Kong-registered, bankruptcy-remote trust structure. FDUSD has rapidly established itself as one of the most actively traded stablecoins on centralized exchanges, reaching more than US$1 billion in market capitalization within its first four months and later surpassing a peak circulation of more than US$4.4 billion as adoption accelerated. Supported by tier-1 exchange integrations and world-class liquidity partners, FDUSD has processed more than US$2 trillion in cumulative trading volume since launch, demonstrating deep liquidity and sustained demand across global markets. Fully backed by segregated reserves held with its licensed custodian affiliate and supported by independent monthly attestations and robust AML/KYC controls, FDUSD has become a trusted and scalable digital dollar for exchanges, institutional users, and on-chain payment a...