Overview
- First Digital has signed a non-binding letter of intent to merge with CSLM Digital Asset Acquisition Corp III for a U.S. debut on Nasdaq, according to Bloomberg.
- CSLM raised $230 million in its August 2025 IPO, and the proposed transaction is expected to include a PIPE with terms still under review.
- FDUSD’s circulating supply stands near $920 million, down sharply from a $4.4 billion peak in April 2024.
- A legal dispute with TrueUSD operator Techteryx has escalated after Justin Sun accused First Digital of mishandling reserves, prompting a Dubai court to freeze $456 million in related assets.
- First Digital rejects the allegations and has filed a defamation suit against Sun, as U.S. policy under the GENIUS Act has encouraged more than $10 billion in crypto-focused SPAC activity this year.