TL;DR:
The stablecoin payments company KAST closed an $80 million Series A funding round co-led by QED Investors and Left Lane Capital, with participation from Peak XV Partners, HSG and DST Global Partners. Bloomberg reported that the transaction values the company at $600 million and that its annualized revenue run rate is projected to reach $100 million during 2026.
The firm was founded in July 2024 by Raagulan Pathy, former Vice President at Circle, and operates as a fintech platform that, through partnerships with regulated institutions, allows its users to store, earn interest on and spend digital dollars via Visa-backed cards. Since its launch, the company has surpassed one million users and processes approximately $5 billion in annualized transaction volume. Its revenues doubled since late September 2025.
The capital raised will be directed toward its geographic expansion in North America, Latin America and the Middle East, product development, team growth and investment in licensing and regulatory compliance. Among the planned launches is KAST Business, aimed at corporate clients.
Pathy stated that the round is a signal of confidence in the stablecoin thesis and in the company’s execution capacity. “Our ultimate goal is clear: to be the leading platform for the stablecoin world, for both consumers and businesses,” he declared. Nigel Morris, co-founder and managing partner of QED Investors, stated that “stablecoin technology has the potential to reshape the future of finance.”
The total supply of dollar-linked stablecoins is approaching $297 billion, with Tether’s USDT as the absolute leader at 61.9% of the market and Circle‘s USDC at 25.9%. Monthly stablecoin transaction volume on Solana reached $650 billion in February, more than double its previous monthly record, according to data from Grayscale.
