According to reports from crypto.news and Odaily Planet Daily, Kast has launched a comprehensive stablecoin-based business platform offering accounts, cards, transfers in more than 20 currencies, and returns of up to 8% APY across over 170 countries. The platform combines fiat accounts, stablecoin deposits, virtual cards and local currency payouts into a single service. Companies can earn up to 8% APY on idle balances and receive up to 3% cashback on card spending. The service reaches more than 170 countries, though access to individual products depends on the customer's location and rules applied by financial partners.
As reported by crypto.news and Odaily Planet Daily, the platform allows businesses to receive fiat through virtual accounts supplied by regulated partners, with customers able to fund accounts using supported stablecoins and other crypto assets. Companies can issue virtual cards for employees, vendors or subscriptions, with the platform supporting local payouts in more than 20 currencies. The service enables businesses to accept traditional bank payments while using digital assets for treasury operations or settlement. Card spending can generate cashback of up to 3%, though actual rates depend on membership level, transaction type, monthly spending limit, and location.
According to crypto.news, the 8% APY returns come from short-term U.S. Treasuries and stablecoin yield, though the company has not detailed how much comes from Treasury assets versus other stablecoin strategies. The company has not provided a full public breakdown of underlying products, counterparties, fees, or conditions required to receive the highest rate. An APY shows annualized return after compounding and does not guarantee customers will receive 8% over shorter holding periods. The platform identifies itself as a financial technology company rather than a bank, with regulated services supplied through licensed partner institutions.
As reported by crypto.news and Odaily Planet Daily, Kast launched the business product after closing an $80 million Series A funding round in March at a reported valuation of $600 million. The company plans to direct capital toward product development, licensing, and expansion in North America, Latin America, and the Middle East. Kast claims more than 1 million users and plans to bring between 1,000 and 5,000 active companies onto KAST Business by the end of 2026. The company appointed former U.S. Securities and Exchange Commission senior adviser Stephanie Allen as head of corporate and policy communications in April to handle engagement with policymakers and industry groups.
According to crypto.news, for U.S. businesses, the yield feature arrives while regulators examine how stablecoin rewards should be treated under the GENIUS Act, which created a federal framework for payment stablecoins and prevents payment stablecoin issuers from paying interest solely for holding their tokens. The restriction does not automatically settle how separate fintech platforms may offer rewards through accounts or Treasury products. U.S. users may face tax reporting obligations when receiving yield or cashback, with Kast not publishing product-specific U.S. tax guidance for the new business service.
