PANews reported on December 12 that according to Techcrunch, the stablecoin-driven financial platform KAST completed a $10 million seed round of financing, led by Peak XV and HongShan. It is reported that Peak XV and HongShan are Indian and Chinese investment companies spun off from investment giant Sequoia last year. Partners from DST Global and Goodwater Capital also participated in this round of investment. The company plans to launch savings products and expand remittance services while continuing to focus on stablecoin-based infrastructure.

According to reports, KAST is a stablecoin-driven financial platform targeting emerging markets that allows customers to hold and consume stablecoins through traditional payment channels. KAST also issues credit cards that can be used in standard merchant networks, enabling users to spend their stablecoins at merchants that do not support crypto transactions. KAST declined to disclose the number of users or valuation, but said its growth exceeded expectations in the first four months of operation.