Kast launches stablecoin business platform after $80 million raise

Kast launched KAST Business, a platform that combines business accounts, payment cards, cross-border transfers and yield-bearing balances on stablecoin rails. Kast said companies can receive funds through fiat virtual accounts provided by regulated partners. Companies can deposit supported stablecoins and crypto. Companies can issue virtual cards. Companies can make local payouts in more than 20 currencies. Kast said it serves more than 170 countries, although availability varies by jurisdiction. The platform offers up to 8% annual percentage yield on idle balances. Kast said the yield comes from short-term US Treasurys and stablecoin yield. The platform offers up to 3% cashback on purchases. Kast is a financial technology company rather than a bank. Licensed partner institutions provide its regulated services. Kast raised $80 million in March at a reported $600 million valuation. Kast said it would use the funding to develop products, secure licenses and expand across North America, Latin America and the Middle East. Kast hired former US Securities and Exchange Commission adviser Stephanie Allen to lead policy communications. Kast claims more than 1 million users. Kast aims to onboard between 1,000 and 5,000 active businesses by the end of 2026.