PANews reported on December 1st that, according to Bloomberg, sources familiar with the matter revealed that Hong Kong-based First Digital Group is planning a public listing through a merger with a blank check company. The company is expected to announce the signing of a non-binding letter of intent outlining its plans to merge with CSLM Digital Asset Acquisition Corp III (CSLM), a New York-listed special purpose acquisition company.

First Digital Group is reportedly the issuer of the stablecoin FDUSD, which has a circulating supply of approximately $920 million, down from its peak of about $4.4 billion in April 2024. As trustee, First Digital Group also manages reserves for TrueUSD, a stablecoin operated by Techteryx, whose advisor is Justin Sun.