First Digital Group, the company behind the FDUSD stablecoin, agreed to merge with a Nasdaq-listed blank-check company in a deal that values it at $250 million on a pre-money equity basis.

The Hong Kong-based stablecoin and digital asset infrastructure provider agreed to merge with CSLM Digital Asset Acquisition Corp. III, a special-purpose acquisition company that trades on Nasdaq under the ticker 'KOYN.'

The transaction is expected to close in the first half of 2027, subject to shareholder and regulatory approvals, among others.

The combined company is expected to become a Nasdaq-listed company upon closing, First Digital and CSLM Digital Asset Acquisition Corp. III said.

The transaction would give First Digital access to public markets to fund the continued build-out of its AI-based financial infrastructure platform, Finance District.

First Digital launched FDUSD in 2023. It recorded more than $4 trillion in cumulative FDUSD trading volume as of end-June. First Digital said it generated about $87 million in revenue in the fiscal year ended June 2025.

The company added that it has signed agreements with a ITCEN Group subsidiary and Wavebridge to explore distribution and settlement infrastructure for FDUSD in South Korea and to share First Digital's stablecoin issuance experience. First Digital said it doesn't plan to issue a won-referenced stablecoin.

The company added that South Korea is a strategic priority as the country develops a digital-asset and stablecoin framework.