DLA Piper guides First Digital through De-SPAC business combination with KOYN

Global law firm DLA Piper advised First Digital Group Limited, a stablecoin issuer, on its proposed de-SPAC business combination with CSLM Digital Asset Acquisition Corp III, Ltd. (Nasdaq: KOYN), a publicly traded special purpose acquisition company (SPAC).

Upon completion of the transaction, First Digital will become a wholly owned subsidiary of a newly formed Cayman Islands holding company, which is expected to be listed on Nasdaq. The proposed combination, announced on October 6, 2026, is subject to regulatory and shareholder approval and other customary closing conditions.

First Digital is the issuer of the FDUSD stablecoin. As of June 30, 2026, FDUSD recorded more than US$4 trillion in cumulative trading volume and traded in more than 100 pairs across 16 exchanges on six blockchain networks, including Ethereum, BNB Smart Chain, Solana, Sui, Arbitrum, and TON.

KOYN is a publicly traded SPAC focused on high-growth, frontier-technology sectors including digital assets, regulated financial infrastructure, and next-generation fintech.

The cross-border DLA Piper team was led by partners Jeffrey Selman (San Francisco), Yang Ge (Beijing), and James Chang (Beijing), with support from of counsels Shuting Lu and Olivia Lai, consultants Yuchen Ni and Hao Guo, and legal assistant Kristin Shao.  Partner Frank Mugabi (New York) provided tax and structuring advice, and partner Kristi Swartz (Hong Kong) provided fintech, digital asset, and cryptocurrency regulatory counsel.

Associate Sophia Sun, from Shanghai Kaiman Law Firm, provided additional corporate advice.

This transaction reflects DLA Piper’s extensive experience advising on SPAC transactions and complex-cross border matters, as well as its market-leading capabilities in the digital assets, fintech and emerging technology sectors.