Stablecoin payments company Kast has raised $80 million in a funding round that values the company at $600 million. The round was co-led by QED Investors and Left Lane Capital, and Kast expects an annual revenue run rate of around $100 million in 2025. The company plans to use the funding to expand across North America, Latin America and the Middle East, while also adding staff, securing licenses and developing new products.
The raise signals continued investor appetite for stablecoin-focused payment firms even as broader crypto markets have cooled, with Bitcoin down about 46% from its all-time high of $126,198. Kast previously raised $10 million in a seed round announced on Nov. 28, 2025, co-led by HongShan Capital Group (HSG) and Peak XV Partners. The company offers payment cards and US dollar-denominated accounts to users in over 150 countries, with plans to launch savings and remittance products under its neobank interface. For most countries and over half of global GDP, banking is not as open or fast as the internet; it’s fundamentally broken, according to Kast co-founder Raagulan Pathy. Stablecoins are the clear solution, but the user experience wasn’t great, and we are building Kast to change this.
The funding round comes as stablecoin usage continues to climb. Stablecoin transfer volume reached a record $1.8 trillion in February. Circle’s USDC saw $1.26 billion in volume, comprising 70% of total stablecoin transactions. Tether’s USDT recorded about $514 billion in trading volume during February. Kast co-founders say stablecoins can make banking more efficient and that Kast is building to improve the user experience for stablecoin payments.
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