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Kast launches KAST Business stablecoin platform after $80M raise
Kast says the platform can offer up to 8% annual percentage yield on idle stablecoin balances, funded through short-term US Treasurys and stablecoin yield.
Kast has launched KAST Business, a stablecoin-powered platform for companies that combines business accounts, payment cards, cross-border transfers, and yield-bearing balances on stablecoin rails, according to Cointelegraph. The platform is designed to let businesses 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.
Kast said KAST Business serves more than 170 countries, though availability varies by jurisdiction. The company also claims up to 8% annual percentage yield on idle balances, which it says is generated through short-term US Treasurys and stablecoin yield, alongside up to 3% cashback on purchases.
Cointelegraph reports that Kast positions itself as a financial technology company rather than a bank, with regulated services provided through licensed partner institutions. The launch follows Kast’s $80 million fundraise at a reported $600 million valuation in March.
Kast said it plans to use the new funding to develop products, secure licenses, and expand across North America, Latin America, and the Middle East. The company also hired former US Securities and Exchange Commission adviser Stephanie Allen to lead policy communications as it prepares the business-platform rollout.