First Digital SPAC Deal: $250M Value, FDUSD Supply Down 92%

The First Digital SPAC deal values the issuer of the FDUSD stablecoin at $250 million before money goes in. First Digital Group signed with CSLM Digital Asset Acquisition Corp III on October 6, 2026. The SPAC filed the paperwork on October 7.

Closing is expected in the first half of 2027. First Digital's own release leans on trading volume and a 2024 peak. Supply today looks very different.

First Digital's release, filed as Exhibit 99.1 to the SPAC's 8-K.

FDUSD supply under the First Digital SPAC deal

First Digital's release cites a historical peak circulation of more than $4.4 billion in April 2024. DefiLlama's series tops out lower, at about $4.04 billion on April 27, 2024. Either way, supply now sits near $325 million, roughly 92% under DefiLlama's peak. Most of it is on Ethereum at about $214 million, with BNB Chain near $58 million and Sui near $44 million.

Revenue needs the same context. Per the release, revenue for the year to June 30, 2025 was about $87 million. DefiLlama has FDUSD averaging near $1.8 billion over those twelve months. FDUSD now circulates at about a fifth of that level, and its price read $0.997 on DefiLlama this week. Set that revenue beside the price tag and the valuation works out to roughly three times the last reported year.

Cumulative volume is the other headline figure, put at more than $4.7 trillion by the end of June. It adds up every trade of the token, so it says little about how many coins exist. The release wants readers to look at the next product line. Finance District, its on-chain platform for AI agents, is live with four products: District Pass, Agent Wallet, Prism and an AI assistant. A First Digital SPAC listing would fund that push, though the release gives no revenue for those products.

Binance holds a warrant in the structure

In the 8-K, a "Binance Warrantholder" appears: a UAE company called Alphanest Holdings Ltd. The underlying warrant, issued October 6, covers 12,051,791 preference shares of First Digital Group at an exercise price of $0.001. Exhibit 10.8 sets a lockup that ends 180 days after the merger takes effect. The warrant expires ten years after its issue date.

The 8-K's merger terms, showing the Binance and Noble Elite warrants.

At closing, those warrants convert into warrants over the new listed company's Class A shares. A second holder, Noble Elite Ltd of the Cayman Islands, gets the same treatment. Founder Vincent Chok receives 5,000,000 Class B shares at closing, with ten votes each, plus earn-out shares held in escrow until milestones are met.

What the deal does not guarantee

This agreement has no minimum cash condition, so the listing does not depend on how many SPAC holders redeem. First Digital also has a non-binding term sheet with Millennial Trading Limited for a $25 million convertible note. That note would pay no interest and convert at $12.00 a share, and the release admits definitive papers may never follow.

Shareholders on both sides must vote, and regulators have to approve. Either party can walk away if the merger has not closed within six months of signing.

Supply, volume and revenue figures come from First Digital's filings and DefiLlama as of October 8. This report covers a filing and does not suggest buying shares of KOYN or holding FDUSD.