Stablecoin payments company Kast has raised $80 million in a funding round that values the company at $600 million, according to a Bloomberg report on Monday citing people familiar with the matter.
The round was co-led by QED investors and Left Lane Capital, and Kast expects an annual revenue run rate of around $100 million in 2025, according to Bloomberg.
The company reportedly plans to use the funding to expand across North America, Latin America and the Middle East, while also adding staff, securing licenses and developing new products.
The raise is the latest sign that investor appetite for stablecoin-focused payment firms remains strong, even as broader crypto markets have pulled back in recent months, with Bitcoin (BTC) falling about 46% from its all-time high of $126,198 recorded on Oct. 6, 2025.
Cointelegraph contacted Kast for comment but did not immediately receive a response.
Stablecoins can make banking more efficient: Kast co-founder
Kast previously raised $10 million in a seed round announced on Nov. 28, 2025, co-led by HongShan Capital Group (HSG) and Peak XV Partners.
Related: Stablecoin inflows rebound to $1.7B as Washington battles over yield rules
The company offers payment cards and US dollar-denominated accounts to users in over 150 countries, with plans to launch savings and remittance products under its neobank interface.
“For most countries and over half of global GDP, banking does not match the openness and speed of the internet, it’s fundamentally broken,” wrote Kast co-founder Raagulan Pathy, following the seed round.
“Stablecoins are the clear solution, but the user experience wasn’t great. We are building Kast to change this,” he added.
Related: Tether invests in AI sleep tracking firm at a $1.5B valuation
Stablecoin transfer volume hits $1.8 trillion record
The funding round comes as stablecoin usage continues to climb. Stablecoin transfer volume reached a record $1.8 trillion in February, according to data provider Allium.
Circle’s USDC (USDC) saw $1.26 billion in volume, comprising 70% of total stablecoin transactions.
The largest stablecoin, Tether’s USDt (USDT), recorded about $514 billion in trading volume during February.
Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
