Stablecoin fintech KAST raises $80 million in Series A to fund global expansion

Stablecoin payments firm KAST announced it raised $80 million in a Series A funding round co-led by QED Investors and Left Lane Capital, with participation from Peak XV Partners, HSG, and DST Global Partners. KAST, founded in July 2024 by former Circle VP Raagulan Pathy, allows users to store, earn, and spend digital dollars via Visa-supported cards, operating as a fintech utilizing regulated partners for payments and custody.

The new capital will fuel global expansion across North America, Latin America, and the Middle East, alongside product development, including the launch of KAST Business, hiring, and compliance investments. The company's leadership noted this funding aligns with the increasing use of stablecoins for payments and settlement. The fundraising reportedly valued KAST at $600 million, with anticipated annual revenue run rate reaching $100 million this year.

This investment occurs amid significant growth in the stablecoin sector, with total U.S. dollar-pegged stablecoins approaching $297 billion, and notable on-chain activity, such as Solana's stablecoin volume hitting a record $650 billion in February. KAST's raise reflects a broader trend of institutional capital entering the stablecoin payments space.

(Source：The Block)