KAST, a startup founded by the former Singapore chief of Circle Internet Group, has raised $80 million to expand its stablecoin-based payments globally as adoption of the technology grows.
The startup secured Series A financing co-led by QED Investors and Left Lane Capital, with participation from existing investors Peak XV Partners, HSG (formerly Sequoia China) and DST Global Partners, per a statement. The firm had raised $10 million in a round co-anchored by Peak XV and HSG in 2024—the year it was established.
KAST, founded by Raagulan Pathy, offers dollar-denominated accounts, global pay-ins and payouts to more than 190 countries, along with consumer and business financial tools built on stablecoin infrastructure rather than traditional banking settlement networks.
Stablecoins are a type of cryptocurrency designed in such a way that their price is pegged to an underlying asset, like the US dollar (dollar-denominated stablecoins).
KAST said the capital will fund expansion across Latin America, North America and the Middle East, while supporting licensing, compliance, product development and hiring. “The latest funding, raised less than 18 months from launch, reflects the confidence of leading investors in the stablecoin neobank thesis, and in KAST’s ability to execute it at global scale,” said Pathy, who was VP for Asia Pacific & CEO Singapore at Circle, another stablecoin issuer, between February 2022 and April 2024, according to his LinkedIn profile.
“We believe 2026 could represent a meaningful inflection point as consumer-facing platforms begin bringing that infrastructure to the mainstream,” said Matthew Miller, managing partner at Left Lane Capital. “Individuals and businesses operating across borders deserve a seamless way to bank, spend, and save—without hidden fees, friction, or exposure to currency depreciation.”
The company has surpassed one million users since launching and processes about $5 billion in annualised transaction volume, reflecting rising adoption of stablecoin-based financial services beyond trading and crypto-native use cases.
KAST expects its annual revenue run rate to reach $100 million in 2026, with users and revenue growing 15–20% month-on-month.
Global stablecoin transaction volume rose 72% last year to more than $33 trillion, according to Artemis Analytics, exceeding the combined on-chain settlement volumes of major global card networks.
