Kast launches stablecoin business platform after raising $80M Series A

Stablecoin fintech platform Kast has launched KAST Business, an enterprise platform for payouts, payroll, and cross-border transfers. The launch follows an $80 million Series A funding round co-led by QED Investors and Left Lane Capital, valuing the company at $600 million. Kast, founded in July 2024 by former Circle executive Raagulan Pathy, has issued its own Solana-based stablecoins, USDK and USDKy. The company aims to onboard 1,000 to 5,000 active businesses by the end of 2026.

Kast Series A funding round

• ▪Kast's Series A funding round included participation from Peak XV Partners, HSG, and DST Global Partners.
• ▪Kast raised $80 million in a Series A funding round co-led by QED Investors and Left Lane Capital, valuing the company at approximately $600 million.
• ▪Kast previously raised a $10 million seed funding round led by HSG and Peak XV Partners around December 2024.

Kast Business platform launch

• ▪Kast Business offers up to 8% annual percentage yield on idle balances generated through short-term US Treasurys and stablecoin yield.
• ▪Kast launched its KAST Business platform to provide enterprise payouts, payroll, payment cards, and cross-border transfers on stablecoin rails.
• ▪Kast hired former US Securities and Exchange Commission adviser Stephanie Allen to lead policy communications ahead of the business platform rollout.

Stablecoin issuance infrastructure

• ▪Kast issued its own stablecoins, USDK and USDKy, on the Solana blockchain in partnership with M0 for issuance infrastructure.
• ▪Kast supports USDC and USDT alongside its own stablecoins to allow users and businesses flexibility in holding dollar-denominated value.

Stablecoin market growth

• ▪Kast, founded in July 2024 by former Circle executive Raagulan Pathy, operates with regulated partner institutions rather than holding a banking license.
• ▪Global on-chain stablecoin volumes exceeded $33 trillion, representing 72% year-over-year growth as the market expands with competitors like Bridge, Paxos, and PayPal.

Enterprise expansion targets

• ▪Kast aims to onboard between 1,000 and 5,000 active businesses to its KAST Business platform by the end of 2026.
• ▪Kast plans to use its Series A funding to secure licenses, expand its team, and grow across North America, Latin America, and the Middle East.
• ▪Kast is targeting a revenue run rate of $100 million in 2026, supported by a reported monthly growth rate of 15% to 20%.

Cross-border payment capabilities

• ▪Kast claims more than 1 million users on its consumer-facing product, with annualized transaction volume approaching $5 billion.
• ▪Kast serves more than 170 countries, allowing companies to receive funds through virtual accounts and make local payouts in over 20 currencies.

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