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About KAST
KAST is a financial technology company that issues Visa debit cards linked to stablecoin accounts, allowing users to spend USDC, USDT, and other stablecoins directly at over 150 million merchants across 170+ countries. The card supports both virtual and physical formats, with instant issuance, Apple Pay/Google Pay integration, and ATM withdrawals. Its core value proposition is eliminating the need to convert crypto to fiat before spending — users can hold stablecoins earning up to 7% APY while paying directly in USD or local currencies. The platform also offers multi-currency accounts, fee-free internal transfers, and a business tier for payroll and vendor payments.
KAST's competitive edge lies in its seamless stablecoin-to-fiat conversion at the point of sale, zero monthly fees on standard plans, and real-time spending controls (freeze/unfreeze, merchant limits, geo-blocking). It addresses the market pain point of crypto holders being forced to off-ramp to traditional banks, which incurs high fees, delays, and regulatory friction. By partnering with licensed financial institutions and custody providers like Fireblocks and BitGo, KAST bridges the gap between decentralized assets and everyday commerce.
In the six months from February to August 2026, KAST achieved significant growth. Daily transaction volume reached $14 million by late July, up from roughly $5 million in February, with monthly volume climbing from $150 million to nearly $200 million. The company's market share in the crypto card sector rose from 22% to 38%, surpassing competitor RedotPay. User base grew from 400,000 to over 1 million, driven by expanded support for Solana and Tron networks, reduced conversion fees, and a viral referral program. KAST also launched its business banking product in June 2026, onboarding 3,000+ companies within two months.
Notable risks include regulatory uncertainty in the EU's MiCA framework affecting stablecoin issuers, a temporary Visa suspension in the UK in April 2026 due to compliance review (resolved in May), and a security incident in March 2026 where a third-party vendor exposed 12,000 user emails (no funds lost). The company faces competition from traditional fintechs like Revolut and Wirex, which are adding stablecoin features, and remains dependent on stablecoin market stability and banking partner relationships.
KAST, a stablecoin-powered cross-border payment platform, was co-founded by Raagulan Pathy (ex-Circle APAC head) and Daniel Bertoli (ex-Quona Capital). In December 2024, it raised a $10M seed round led by Peak XV and HongShan, marking its first major institutional validation. In March 2026, KAST secured an $80M Series A at a $600M valuation, led by QED Investors and Left Lane Capital, with participation from Peak XV, HSG, and DST Global. This round underscored investor confidence in stablecoin real-world payments. By early 2026, KAST surpassed 1 million users and reached ~$5B in annualized transaction volume, with revenue doubling since September 2025. Its strategic expansion targets North America, Latin America, and the Middle East, alongside the launch of KAST Business for payroll and cross-border payouts. These milestones highlight KAST's shift from a niche stablecoin wallet to a scalable global payments infrastructure, addressing the $35T stablecoin market where only 1% currently represents real-world payments.
KAST co-founder and CEO is Raagulan Pathy, formerly VP for Asia Pacific & CEO Singapore at Circle, Head of Enterprise APAC at Zoom, and Financial Services APAC at AWS, with prior experience at Meta and Amazon. Core executive team: Chief Strategy & Data Officer Andy Goldin, formerly Global Head of Data Analytics at Binance, Head of Advanced Analytics SEA at PwC, and Head of Analytics & Insights APAC at Uber; Chief Product Officer Reto Wolf, formerly Head of Client Solutions APAC at Circle and Global Head of Product & Sales Engineering at Ascenda; Chief Technology Officer Sameera Nilupul, co-founder of Kaiju Labs (acquired by KAST); Chief Operating Officer Sam Kerrins; Chief Business Officer James Butland; Chief Communications Officer Brad Jaffe; Chief Legal & Compliance Officer Clément Berger; Director of Growth Product Arundathi Belur; Director of Product Kamal Bayrouti.
KAST has recently expanded its team with several senior hires from the crypto payments space.
In March 2026, Brad Jaffe, former global communications lead at Binance, joined as Chief Communications Officer, overseeing global communications, brand positioning, and regulatory engagement. In June 2026, Jonathan Lim, former head of Binance Card and Pay, joined as Global Head of Stablecoin Payments to drive stablecoin-powered products. In August 2026, Connor Fitzgerald became General Manager, US. Over the past year, KAST has made more than 300 hires, with talent from Circle, Stripe, and others, underscoring its commitment to building a stablecoin financial platform.