KAST, a stablecoin payment company, has raised $80 million in Series A funding led by QED Investors and Left Lane Capital, with participation from Peak XV Partners, HSG, and DST Global Partners.
According to Bloomberg, this deal values KAST at approximately $600 million. The startup plans to use the new funds to expand operations in North America, Latin America, and the Middle East, as well as invest in licensing, legal compliance, and the launch of KAST Business.
KAST was founded in July 2024 by former Circle Vice President Raagulan Pathy. The company offers a cross-border payment platform using stablecoins, allowing users to store, earn yields, and spend “digital dollars” via a Visa-supported card.
This fundraising activity occurs amid continued strong growth in the stablecoin market. The total stablecoin supply pegged to USD is approaching $297 billion, with USDT accounting for about 61.9% of the market share and USDC around 25.9%.
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