Bloomberg: Stablecoins Hit $33T as KAST Raises $80M at $600M Valuation

2026-03-10 12:33:20

⬤ Stablecoin payments startup KAST just closed an $80 million funding round, pushing its valuation to roughly $600 million, according to Bloomberg sources. Founded in July 2024, the platform lets users store, earn, and spend stablecoins through accounts built entirely on digital dollars rather than traditional banking rails.

⬤ The round was co-led by QED Investors and Left Lane Capital, with earlier backing from HongShan Capital and Peak XV Partners. CEO Raagulan Pathy previously worked at Circle Internet Group, the issuer of USDC. Sources close to the company expect its annual revenue run rate to hit around $100 million this year.

Stablecoins are no longer a crypto-native tool – they’re becoming the infrastructure layer for global payments.

⬤ The raise lands against a backdrop of explosive stablecoin adoption. Bloomberg data shows stablecoin transaction volume reached $33 trillion in 2025, about double Visa’s annual payment volume. Cross-border B2B flows jumped 733%, reaching $226 billion, signaling a genuine shift away from crypto trading use cases toward settlements, treasury operations, and international payments.

⬤ On the XRP Ledger, Ripple’s RLUSD stablecoin now accounts for roughly 95% of all stablecoin activity on the network. The rapid concentration points to growing institutional trust in blockchain-native dollar infrastructure as it integrates deeper into global finance.

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