KAST Raises $80M Series A as Solana Leads All Chains in Stablecoin Transfer Volume

KAST, a popular stablecoin payments operator boasting over 1M users, has announced the successful completion of its $80M Series A funding round.

Co-led by QED Investors and Left Lane Capital, KAST’s latest raise comes as Solana takes a commanding lead in stablecoin usage across all chains.

Meanwhile, onchain stablecoin supplies continue to secure new all-time highs, reinforcing the belief that digital fiat could be blockchain’s killer use case.

$80M Raise to Fuel Expansion, Licensing, and Compliance

After debuting its crypto card in 2024, KAST has gone from strength to strength. According to the firm’s recent announcement, KAST now supports over 1 million users worldwide, reportedly processing over $5B in annualized transaction volume. Additionally, KAST claims to have doubled its revenue since the end of September 2025.

Having already raised a $10M seed round in December 2024, KAST asserts that funds from its Series A will be used to invest further in licensing and compliance, while also expanding its team and product suite.

KAST Founder and CEO Raagulan Pathy opined that the magnitude of the raise in an early-stage company highlights strong investor conviction in the stablecoin sector. 

“The latest funding, raised less than 18 months from launch, reflects the confidence of leading investors in the stablecoin thesis and in KAST’s ability to execute it at global scale. Our end game is clear, to be the leading platform for the stablecoin world, both for consumers and businesses.” - Raagulan Pathy, KAST Founder and CEO.

KAST’s latest raise comes at a critical time for consumer-facing financial services. Many teams across Solana are also expanding their product offerings to tap into the growing Neobank sector, with crypto cards becoming commonplace among onchain applications.

Solana Records $650B in Monthly Stablecoin Transfers

KAST’s $80M Series A comes as Solana’s flourishing stablecoin economy enjoys unprecedented levels of growth and activity. According to a recent Grayscale report, Solana processed over $650B in stablecoin transfer volume, eclipsing rival Layer-1s like Ethereum and Tron.

Stablecoins, and by extension crypto rails, are rapidly becoming the internet’s de facto payment method. What was once considered a quirky and convenient way of storing volatility-resistant funds onchain has blossomed into a fully-fledged global payments system. 

Applications like Phantom now surpass TradFi incumbents like Wise in funded accounts, exemplifying the shift towards blockchain-based services.

Onchain Stablecoin Supply Hits New ATH

With the GENIUS Act getting signed into law, stablecoins are rapidly becoming the most versatile and universally applicable usecase for blockchain technology.

Buoyed by the proliferation of stablecoin-based businesses and surging DeFi activity across all networks, stablecoin supply has soared to new all-time highs. Based on DefiLlama data, over $314.24B worth of capital is stored in onchain stablecoins. 

Despite dominating stablecoin transfer volumes, Solana DeFi still has plenty of work to do before it dethrones competing Layer-1 in terms of onchain TVL. 

The network currently ranks fourth among all blockchains in terms of stablecoin supply, with over $15.85B worth of fiat-pegged assets circulating in the DeFi economy.

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