Stablecoin fintech KAST raises $80 million in Series A funding

Minseung Kang

Summary

KAST said it raised a total of $80 million through its Series A round, valuing the company at about $600 million.
KAST said it is building a stablecoin-based global payments platform and provides payments, custody and fiat on-ramp services.
KAST said it plans to use the funding to expand in North America, Latin America and the Middle East, and to support regulatory compliance, hiring and the launch of KAST Business.

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KAST, a fintech company providing stablecoin-based payment services, has secured a large funding round to support its global expansion.

According to The Block, a cryptocurrency-focused outlet, on the 9th, KAST raised a total of $80 million through its Series A round. The investment was co-led by QED Investors and Left Lane Capital, with participation from Peak XV Partners, HSG, DST Global Partners and others. The funding values KAST at roughly $600 million.

KAST is a fintech company building a global payments platform leveraging stablecoins. Operating as a financial technology firm rather than a bank, it partners with regulated financial institutions authorized by regulators to provide payments, custody and fiat on-ramp services.

The company was founded in July 2024 by Raagulan Pathy, a former vice president at Circle. Users can store and spend digital dollars via a card on the Visa network, or access services that allow them to earn yields.

KAST plans to use the proceeds to expand across North America, Latin America and the Middle East. It also intends to invest in licensing and regulatory compliance, hiring, and the launch of its enterprise payments service, “KAST Business.”

Meanwhile, the stablecoin market has been growing rapidly in recent months. According to The Block’s data, total supply of dollar-backed stablecoins is nearing about $297 billion.

On-chain activity is also expanding. According to Grayscale data, monthly stablecoin transaction volume recorded on the Solana network in February totaled about $650 billion. That was more than double the previous peak, and the highest among blockchain networks for that month.