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

Sep 1, 2026

Stablecoin-native fintech platform Kast has launched KAST Business, an enterprise-focused platform for payouts, payroll, and cross-border transfers. The rollout follows an $80 million Series A funding round co-led by QED Investors and Left Lane Capital, valuing the company at $600 million. Founded in July 2024 by former Circle executive Raagulan Pathy, Kast has issued its own Solana-based stablecoins, USDK and USDKy. The company aims to onboard up 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 previously raised a $10 million seed funding round led by HSG and Peak XV Partners around December 2024.
▪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 Business platform launch

▪Kast launched its KAST Business platform to provide business accounts, payment cards, cross-border transfers, and yield-bearing balances on stablecoin rails.
▪Kast hired former US Securities and Exchange Commission adviser Stephanie Allen to lead policy communications ahead of the business platform rollout.
▪The KAST Business platform offers up to 8% annual percentage yield on idle balances and up to 3% cashback on purchases.

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 stablecoins alongside its proprietary stablecoins to offer flexibility in holding and moving dollar-denominated value.

Stablecoin market growth

▪Global on-chain stablecoin volumes exceeded $33 trillion, representing 72% year-over-year growth as competitors like Bridge, Paxos, and PayPal expand their offerings.
▪Kast was founded in July 2024 by former Circle executive Raagulan Pathy, who previously served as Vice President of Asia Pacific at Circle.

Enterprise expansion targets

▪Kast aims to onboard between 1,000 and 5,000 active businesses to its new KAST Business platform by the end of 2026.
▪Kast plans to use its Series A funding to secure licenses, expand compliance infrastructure, and grow its team 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 solutions

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