First Digital eyes listing as agentic payments vault nears launch

First Digital is preparing to go public while gearing up to launch its first commercial agentic payments vault in about three weeks, CEO Vincent Chok told Sandmark. The move follows the company’s 2025 mainnet test and comes as First Digital and KOYN move forward after signing a nonbinding letter of intent for a proposed business combination.

Why it matters: - First Digital is trying to turn a technical demo into a commercial product at the same time it moves toward a public listing. - The company is positioning agentic payments, stablecoin infrastructure and financial inclusion as its next growth engines. - The plan arrives as regulators worldwide move toward tighter rules for stablecoin issuance.

What happened: - First Digital CEO Vincent Chok told Sandmark the company is preparing to go public. - First Digital expects to launch its first commercial agentic payments vault in about three weeks. - The vault is part of Finance District, First Digital’s agentic payments platform. - In November 2025, First Digital completed its first mainnet real-world transaction in which an AI agent made a payment using FDUSD. - First Digital and KOYN signed a nonbinding letter of intent on Dec. 2, 2025, for a proposed business combination. - If a definitive agreement is signed, KOYN or a newly formed holding company plans to file a Form S-4 with the SEC.

The details: - Finance District lets AI agents carry out financial transactions autonomously on behalf of users. - The new vault will allow AI agents to participate in the product. - First Digital has been building a KYA, or Know Your Agent, verification system to help prevent AI agents from being defrauded by other AI agents. - Finance District is stablecoin-neutral and open to issuers other than FDUSD. - Chok said the current $350 billion stablecoin market is still small relative to expected growth. - First Digital said multi-issuer support is strategically sound. - FDUSD is live on Ethereum, BNB Chain, Solana, Sui and Arbitrum. - Most FDUSD volume is concentrated on ERC-20 and BNB. - Sui is the focus of active incentive programs. - First Digital has no near-term plans to add more chains. - FDUSD experienced a depegging episode in 2024, and more than $1.3 billion was redeemed in four days. - Chok described that period as a stress test, not a crisis. - Chok said FDUSD restored its peg in four hours. - He pointed to compliance, anti-money-laundering controls and internal controls as the reason. - Chok cited Hong Kong’s new stablecoin law, along with licensing regimes in Singapore, the EU’s MiCA rules and U.S. proposals including GENIUS Act and Clarity Act, as evidence of a more regulated future for stablecoins. - Chok said unregulated stablecoin issuance will not be viable long term. - First Digital said its cumulative trading volume has surpassed $2 trillion over three years.

Between the lines: - The company is betting that agentic payments will become a real use case before the broader market fully matures. - By making Finance District stablecoin-neutral, First Digital is trying to avoid dependence on a single issuer and broaden its partner base. - Chok’s comments suggest the next phase of competition may be shaped less by new token launches and more by infrastructure, regulation and distribution. - First Digital sees RWA tokenization, tokenized equities and agentic payments as the next growth drivers as altcoin trading volume weakens. - The emphasis on Hong Kong, Korea, Vietnam and compliance signals a strategy built around regulated expansion rather than fast growth at any cost.

What’s next: - First Digital expects the first vault to launch in about three weeks. - The company plans to expand Finance District and deepen partnerships in Korea and Vietnam in 2027. - Any KOYN transaction still depends on due diligence, final agreements, board and shareholder approvals, regulatory approvals and other closing conditions. - KOYN said there is no assurance the transaction will close or that it will close on the expected timetable.

The bottom line: - First Digital is trying to pair a public-market move with a new AI-driven payments product, while leaning on regulation, infrastructure and cross-border partnerships to support the next stage of growth.