The Hong Kong stablecoin company First Digital is going public and has chosen the SPAC merger route.

HashBard

2025-12-01 15:42:45

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[Coin World] In early December, news came that Hong Kong's First Digital Group, which is involved in stablecoins, is going public. However, their chosen route is somewhat special – they are going the SPAC merger route.

Insiders reveal that the company is about to make an official announcement, stating that a letter of intent has already been signed. The merger target is CSLM Digital Asset Acquisition Corp III, a special purpose acquisition company listed in New York that specializes in this matter.

The stablecoin sector has been gaining popularity for the past two years, and now even the issuers are considering going public. It seems that the boundaries between traditional finance and the crypto world are indeed becoming increasingly blurred.

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SignatureDenied

· 21h ago

The SPAC route is convenient, but I'm worried about the potential troubles later on. Stablecoin issuers are all thinking about going public; this track is really taking off. Is First Digital choosing SPAC to avoid something? It feels a bit evasive. Hong Kong companies are moving closer to New York, and TradFi really can't contain Web3 anymore. Another SPAC story; let's see if it can be wrapped up nicely in the end. The competition in the stablecoin sector is getting more intense, and going public has become inevitable. Oh, this tactic has been used quite a bit; another SPAC financing is coming. The boundaries are indeed blurred, but one must be cautious of the traps that SPAC presents.

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GasFeeSurvivor

· 21h ago

The SPAC route is quick, but I'm worried about regulatory issues later on. --- Stablecoins are starting to get listed, why am I still struggling with DOGE? --- First Digital's approach is quite good, it's easier than a direct IPO. --- Traditional finance and encryption are becoming increasingly unclear, is this a good thing or a trap? --- Wait, is CSLM this SPAC reliable? I've heard of risks before. --- Another Hong Kong project is about to break out, will this one succeed? --- Stablecoin issuers are all thinking about how to finance and go public, they really see themselves as Financial Institutions.

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NoodlesOrTokens

· 21h ago

The SPAC route is hassle-free, but the risks are not small either. Stablecoins are starting to go public, this sector is really hot. First Digital chose SPAC merger, it's fast, but I'm worried about subsequent reviews getting stuck. TradFi and encryption are really getting more entangled, to be honest, it's a bit hard to see through. HK projects using the NY SPAC route feels a bit convoluted. Are stablecoins really this competitive now, going public to raise funds? SPAC indeed simplifies the process, but somehow it feels a bit precarious in the crypto circle.

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0xSleepDeprived

· 21h ago

SPAC is really getting more appealing, much faster than traditional IPOs. Stablecoins are about to go public, this sector is really on fire. First Digital is making a great move, is the Hong Kong team really entering the NYSE like this? The real question is whether the coin price can rise after the merger. Traditional finance is really going to be disrupted.

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