Stablecoin payments startup KAST has raised $80 million in a Series A funding round aimed at accelerating the expansion of its cross-border payments platform. The investment round was co-led by QED Investors and Left Lane Capital, with additional participation from Peak XV Partners, HSG and DST Global Partners.
According to details surrounding the deal, the funding places the company at an estimated valuation of about $600 million. The capital will be used to support the company’s growth across North America, Latin America and the Middle East while strengthening its regulatory and operational framework.
Stablecoin Fintech Platform and Business Model
Founded in July 2024 by former Circle executive Raagulan Pathy, KAST operates as a financial technology company rather than a bank. The platform works through partnerships with regulated institutions to provide payment processing, custody and fiat on-ramp services.
Its system allows users to store, spend and earn digital dollars through payment cards supported by the Visa network. The company also plans to introduce KAST Business, a service focused on payment solutions for companies.
The fundraising comes as stablecoin usage continues to expand across the digital asset ecosystem. The total supply of U.S. dollar-pegged stablecoins is approaching $297 billion.
Tether’s USDT represents the largest share with around $184 billion in circulation, accounting for about 61.9% of the market. Circle’s USDC follows with roughly $77 billion, representing approximately 25.9% of total supply.
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