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First Digital and CSLM propose business combination
05 December 2025 US and Hong Kong
Image: jamesteohart/stock.adobe.com
Provider of institutional stablecoin and digital asset infrastructure, First Digital Group, and CSLM Digital Asset Acquisition Corp III (KOYN), a special purpose acquisition company (SPAC), have jointly announced their entry into a non-binding letter of intent for a proposed business combination.
Once combined, the company is expected to be publicly listed on a national securities exchange in the US.
First Digital offers a US dollar-denominated stablecoin, FDUSD, backed by cash and cash equivalents, and held in a Hong Kong-registered, bankruptcy-remote trust structure.
KOYN’s management team and its experience across SPAC transactions, digital assets, and structured capital markets emerge as a key facet in relation to the combination letter of intent.
Moreover, First Digital is said to be uniquely positioned to become a leader in a sector benefiting from intensifying global regulatory clarity for stablecoins, growth in cross-border payments and remittances, in addition to onchain settlement.
The combined company aims to accelerate First Digital’s international scaling, broaden its product suite, and further institutionalise its regulatory and compliance footprint.
Vincent Chok, First Digital founder and CEO, says: “This proposed combination with KOYN positions us to scale globally and continue shaping the future of trusted digital dollars.”
CSLM Digital Asset Acquisition Corp III Chairman, Vik Mattal, adds: “We are humbled to partner with a visionary of Vincent’s standing.”
The companies have outlined their intent to release further details regarding the proposed business combination when a definitive agreement is executed.
Once combined, the company is expected to be publicly listed on a national securities exchange in the US.
First Digital offers a US dollar-denominated stablecoin, FDUSD, backed by cash and cash equivalents, and held in a Hong Kong-registered, bankruptcy-remote trust structure.
KOYN’s management team and its experience across SPAC transactions, digital assets, and structured capital markets emerge as a key facet in relation to the combination letter of intent.
Moreover, First Digital is said to be uniquely positioned to become a leader in a sector benefiting from intensifying global regulatory clarity for stablecoins, growth in cross-border payments and remittances, in addition to onchain settlement.
The combined company aims to accelerate First Digital’s international scaling, broaden its product suite, and further institutionalise its regulatory and compliance footprint.
Vincent Chok, First Digital founder and CEO, says: “This proposed combination with KOYN positions us to scale globally and continue shaping the future of trusted digital dollars.”
CSLM Digital Asset Acquisition Corp III Chairman, Vik Mattal, adds: “We are humbled to partner with a visionary of Vincent’s standing.”
The companies have outlined their intent to release further details regarding the proposed business combination when a definitive agreement is executed.
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