How KAST builds stablecoin products with M0
THE PARTNER
KAST is a stablecoin-powered financial platform built for people who operate globally. Founded in July 2024 by Raagulan Pathy, a former Circle executive who helped build USDC's infrastructure, KAST has grown to more than one million users in less than two years, with nearly $5 billion in annualized transaction volume. The platform offers USD-denominated accounts, global pay-ins and payouts to more than 170 countries, and a Visa debit card accepted at more than 150 million merchants worldwide. KAST's mission is simple: create a borderless way to use money that works for the modern world - fast, open, and built on stablecoins.
THE CHALLENGE
KAST's initial need was practical: tokenize deposits and put them onchain so people could see their money transparently. But the ambition quickly grew. As a fast-growing fintech moving into payments, savings, and eventually agentic commerce, KAST needed stablecoins with real programmability, not just a token.
The hard realization was that issuing a token is actually the easy part. Building a safe, scalable, and compliant money stack around it is where the complexity lives. A production-grade stablecoin requires solving multiple layers simultaneously: reserve management, legal structure, mint/burn controls, collateral transparency, cross-chain liquidity, and deep integration into payments and financial products. Most teams underestimate how complex this becomes once you operate at scale with real people and real money. KAST needed an infrastructure partner that had already solved these layers so their team could focus on building the user experience, not the plumbing beneath it.
WHY M0
The decision came down to one thing: trust.
When KAST evaluated M0's team more broadly, the depth of knowledge and capability across the organization gave KAST confidence that M0 could execute on both USDK and USDKy and deliver them at scale.
M0's programmable infrastructure enabled KAST to rapidly configure their own branded digital dollars without rebuilding the entire money stack. The platform's interoperability meant USDK would be interoperable from day one, not siloed.
M0 enables us to bring our vision to life, allowing us to rapidly configure the KAST Dollar. M0 is aligned to our long-term vision.
THE BUILD
KAST built two stablecoins on M0's platform, both launched on Solana.
USDK (KAST Dollar) is optimized for payments. It functions as a digital dollar to save, send, and spend money around the world. It is primarily used to power payments on the global money app KAST. The result is frictionless, low-cost dollar movement for KAST's global community, without requiring them to think about which chain or which stablecoin they're actually using.
USDKy is the reward-bearing counterpart, optimized for savings. The stablecoin is the primary asset powering USD Prime Vault, KAST's native Earn product to grow deposits.
Together, USDK and USDKy create a complete digital dollar ecosystem inside KAST: spend with USDK, save with USDKy. All customer deposits are fully represented onchain, bringing a new level of transparency to how people’s funds are held and managed.
THE OUTCOME
Since launching stablecoins with M0, KAST has scaled to more than one million users globally. The introduction of USDK and USDKy has set a new standard for financial transparency in consumer fintech: for the first time, the total value of all KAST deposits is fully visible and represented onchain. What began as a stablecoin card has evolved into a complete banking alternative - one where people can store, earn, move, and spend digital dollars anywhere in the world from one app
WHAT'S NEXT
KAST's roadmap extends well beyond payments: USDK and USDKy will form the backbone of a next generation of products including agentic commerce and merchant acceptance of stablecoins. With international expansion planned across Latin America, North America, and the Middle East, M0's programmable infrastructure gives KAST the foundation to grow without rebuilding from scratch.
KAST's $80 million Series A - co-led by QED Investors and Left Lane Capital reflects investor confidence in both the stablecoin neobank thesis and KAST's ability to execute it at scale.
