KAST, a Singapore-based stablecoin payments fintech startup often described as a neobank-style platform built on stablecoins, has announced raising $80 million in a Series A funding round.
This round, co-led by QED Investors and Left Lane Capital, values the company at approximately $600 million post-money. The funding comes just over a year after KAST’s launch in July 2024 and follows its $10 million seed round in late 2024 led by HongShan Capital Group/HSG and Peak XV Partners.
Over 1 million users, annualized transaction volume around $5 billion, and revenue that has doubled since September 2025. The company expects to hit a $100 million annual revenue run rate this year. Global expansion focusing on regions like North America, Latin America, and the Middle East, team growth, product development including savings products and remittances, licensing, and enhancing stablecoin-powered financial services like USD-denominated accounts, payment cards, and seamless spending.
Providing accessible, stable financial infrastructure via stablecoins to underserved markets and “dreamers” worldwide, enabling low-cost, borderless payments and neobank-like features without traditional banking limitations.
Register for Tekedia Mini-MBA edition 20 (June 8 – Sept 5, 2026).
Register for Tekedia AI in Business Masterclass.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab.
Founder and CEO Raagulan Pathy (former VP at Circle in APAC) shared an emotional post emphasizing perseverance, with the round seen as validation of building applications on top of stablecoins rather than just the assets themselves. This reflects surging investor interest in stablecoin infrastructure amid growing adoption in emerging markets; high demand in places like Brazil and Argentina for alternatives to volatile local currencies.
The stablecoin and fintech space continues to heat up with such large early-stage rounds—impressive trajectory for a company that’s still under two years old. Stablecoins have emerged as a transformative force in emerging markets (EMs) — regions in Latin America, Africa, Asia, and beyond facing high inflation, currency devaluation, limited banking access, and expensive cross-border transfers.
As of early 2026, with the global stablecoin market cap exceeding $300 billion and transaction volumes hitting tens of trillions annually in 2025, adoption is surging in EMs driven by practical utility rather than speculation. In countries like Argentina (hyperinflation episodes), Nigeria (naira devaluation), Turkey, and Venezuela, people use USD-pegged stablecoins (e.g., USDT, USDC) to preserve wealth.
Dollar access was once limited to the wealthy via banks or black markets; stablecoins democratize it through mobile wallets. EMs receive massive remittance flows (hundreds of billions yearly). Stablecoins cut costs (from 6%+ traditional fees to <1%) and time (days to minutes), bypassing correspondent banks.
Platforms enable seamless payouts in regions like the Philippines, Nigeria, and Latin America. For the unbanked/underbanked, stablecoins serve as digital dollar accounts for savings, payments, payroll, and international income. In Africa, 79% of crypto users hold stablecoins; in broader EMs, 60% do.
Businesses use them for invoices, supplier payments, and treasury management, reducing FX risks. Goldman Sachs estimates ~66% of global stablecoin supply is held by individuals in EMs out of ~$290B total in early 2026 data. Projections suggest EM holdings could reach $730 billion in the coming years, potentially equaling 10–20% of local bank deposits in some countries.
Fastest crypto growth, driven by stablecoins for inflation protection and remittances. Brazil and Argentina lead; local exchanges see massive USD-pegged volume. Fintechs integrate USDC for local spending and savings. Highest growth in holdings; Nigeria and others use stablecoins for payments, remittances, and e-commerce to bypass FX restrictions.
Economic instability drives 85–92% of users. High retail/DeFi use; remittances and mobile-first ecosystems accelerate integration. Global stablecoin transactions reached $33 trillion in 2025 (72% YoY growth), with real payments volume in hundreds of billions after filtering noise. EMs show higher utility: 60% of crypto-native users hold stablecoins; merchant acceptance drives adoption (half of holders buy from accepting businesses).
Widespread dollar stablecoin use can weaken local currency control and lead to “currency substitution.” Some EMs risk fragmentation or bans; others explore integration. Merchant acceptance lags; volatility in on-ramps/off-ramps persists.
Stablecoins are shifting from crypto trading tools to essential financial infrastructure in EMs — providing stability where traditional systems fail. This “onchain dollarization” is preserving USD dominance globally while empowering billions with faster, cheaper, borderless finance. As platforms like KAST expand neobank features on stablecoins, the trajectory points to even deeper integration in underserved regions.