Kast launches stablecoin-powered business platform after $80M raise

Stablecoin payments company Kast has launched a platform combining business accounts, payment cards, cross-border transfers and yield-bearing balances on stablecoin rails. 

Kast said its KAST Business platform allows companies to receive funds through fiat virtual accounts provided by regulated partners, deposit supported stablecoins and crypto, issue virtual cards and make local payouts in more than 20 currencies. The company said it serves more than 170 countries, although availability varies by jurisdiction. 

The platform offers up to 8% annual percentage yield on idle balances, which Kast says is generated through short-term US Treasurys and stablecoin yield, alongside up to 3% cashback on purchases. 

Kast is a financial technology company rather than a bank, with regulated services provided through licensed partner institutions. 

The launch comes after Kast raised $80 million at a reported $600 million valuation in March. The company said it would use the funding to develop products, secure licenses and expand across North America, Latin America and the Middle East. 

Kast subsequently hired former US Securities and Exchange Commission adviser Stephanie Allen to lead policy communications as it prepared the business-platform rollout.