Stablecoin Giant Eyes Public Markets in Landmark Deal
First Digital Group, the Hong Kong-based issuer of the FDUSD stablecoin, is negotiating a merger with a special-purpose acquisition company (SPAC) that could value the combined entity at approximately $3 billion, according to people familiar with the matter. A deal, potentially announced in early 2026, would mark one of the first major public listings for a dedicated stablecoin operator and underscore the sector's push for regulatory and market legitimacy.
The move comes as the total market capitalization of stablecoins—cryptocurrencies pegged to assets like the U.S. dollar—has surged past the $300 billion threshold, becoming a critical piece of financial infrastructure for the wider digital asset ecosystem. First Digital's FDUSD, launched in 2023, has grown to become a top-five stablecoin by market cap, widely used for trading pairs on major exchanges, particularly for Bitcoin and other major cryptocurrencies.
"A SPAC deal for a firm like First Digital is a logical step for an industry that's rapidly professionalizing," said Anya Petrova, a fintech analyst at Capital Dynamics. "It's not just about raising capital; it's about building a transparent, auditable corporate structure that reassures both regulators and institutional partners. The stablecoin sector, sitting at the intersection of crypto and traditional finance, needs that stamp of approval."
RWA Sector Gains Momentum as WLFI Unveils Expansion Plans
Concurrent with First Digital's public market ambitions, digital asset investment platform WLFI has announced its intention to launch a dedicated real-world asset (RWA) product suite in the second quarter of 2026. The offering is expected to focus initially on tokenized U.S. Treasury bonds and funds, allowing its user base to gain exposure to yield-generating traditional assets directly through blockchain-based tokens.
This strategic pivot reflects a broader industry trend. Data from rwa.xyz indicates the total value of tokenized real-world assets on public blockchains has reached $181.7 billion as of December 2025, a figure dominated by treasury products but increasingly including private credit, real estate, and commodities. The growth is widely seen as a bridge bringing institutional-grade financial products onto blockchain networks, leveraging their efficiency and programmability.
"The narrative is shifting from 'crypto versus traditional finance' to 'crypto *and* traditional finance,'" noted Michael Chen, WLFI's Chief Strategy Officer. "Our users, many of whom hold significant positions in Bitcoin and Ethereum, are increasingly seeking diversified, income-producing assets within the same technological paradigm. RWA products meet that demand."
Institutional On-Ramps Signal Mainstream Transition
The parallel developments—a stablecoin issuer pursuing a public listing and a trading platform building RWA infrastructure—point to a consolidation and maturation phase within the cryptocurrency industry. After a period defined by retail speculation and the volatile price action of native assets like Bitcoin, established players are now constructing the regulated, interoperable frameworks necessary for large-scale institutional participation.
This transition is further evidenced by recent acquisitions of smaller, compliant exchanges by larger financial technology conglomerates, seeking ready-made regulatory licenses and technical expertise. The industry is building the on-ramps and off-ramps that connect digital asset markets to the global financial system.
Analysts suggest that the success of these ventures hinges on several factors: clear regulatory frameworks, particularly in the U.S. and EU; the continued robustness of the underlying Bitcoin and cryptocurrency markets, which provide the foundational liquidity; and the demonstrable economic benefits of tokenization, such as reduced settlement times and fractional ownership.
"The 2025-2026 period may be remembered less for Bitcoin's price and more for the quiet, structural work happening behind the scenes," concluded Petrova. "First Digital's potential listing and WLFI's RWA plans are concrete signs that the industry is moving from a disruptive experiment to building viable, long-term components of the financial landscape. The focus is on assets you can price, yield you can explain, and corporate structures you can audit."