First Digital Signs $250 Million SPAC Deal to Take Its AI-Payments Business Public

First Digital has signed a merger agreement that would bring the group behind stablecoin FDUSD and AI-payments platform Finance District to Nasdaq. The deal with CSLM Digital Asset Acquisition Corp III values First Digital at $250 million before new investment. The proposed listing is intended to help finance infrastructure for AI agents acting on users’ behalf.

An existing stablecoin business, an early AI bet

First Digital says it generated approximately $87 million in revenue in the fiscal year ended June 30, 2025. Finance District, by contrast, has not yet contributed substantial revenue. The company describes that ecosystem as infrastructure for an agent economy still in its early stages.

FDUSD, launched in 2023, is linked to the U.S. dollar and serves as Finance District’s primary settlement asset. First Digital says each circulating token is backed by cash and cash equivalents, including short-term U.S. Treasury bills. Reserves are held in segregated accounts and undergo independent monthly attestations, or checks of the stated reserves.

$250 millionFirst Digital pre-money equity value

The figure values First Digital’s equity before new investment; it is not a disclosed fundraising total.

What the listing would help build

First Digital says access to public capital markets would support continued construction of Finance District. It also expects public-company reporting obligations to matter to institutions, partners and regulators. The ecosystem already has four products live, according to the transaction announcement:

• District Pass provides a shared identity credential across the ecosystem.
• Agent Wallet supports multiple blockchain networks. AI agents operate it through Model Context Protocol, a connection interface, while users have a graphical interface.
• Prism lets merchants and e-commerce platforms accept digital-asset payments, including stablecoins, from customers and AI agents buying on their behalf.
• An AI assistant helps users transact and manage their activity across the platform.

These business descriptions and financial figures come from First Digital. The announcement explicitly states that KOYN has not independently verified information supplied about the company.

A signed agreement, not a completed listing

KOYN, already listed on Nasdaq, is a special purpose acquisition company, or SPAC. Under the proposed combination, First Digital would become a wholly owned subsidiary of a new Cayman Islands holding company. That holding company’s shares are expected to trade on Nasdaq.

The agreement has no minimum cash condition. Shareholders would receive Class A shares with one vote each, except founder and CEO Vincent Chok, who would receive Class B shares carrying ten votes each.

Both boards have approved the transaction. Closing is expected in the first half of 2027, but still requires shareholder and regulatory approvals, an effective SEC registration statement, Nasdaq listing approval and other conditions. Completion and timing are not guaranteed.