KAST Launches Tier-Based Stablecoin Cashback Up to 3 Percent
KAST , the Singapore headquartered stablecoin neobank, launched a tiered USD stablecoin cashback program for its cardholders on May 5, 2026, replacing its previous point based rewards model with direct, spendable value credited on every transaction. The move positions KAST as one of the first global card issuers to deliver real money digital asset rewards without the redemption complexity that characterises traditional loyalty programmes.[1] From Points to Spendable Stablecoin The new cashback programme is structured across three membership tiers, each designed to match spending levels and reward expectations. Standard members, who pay no monthly fee, receive 1.5 percent cashback in USD stablecoins on eligible card transactions up to $2,000 per month. Premium members earn 2 percent cashback plus an additional 1 percent in KAST Points on qualifying spend up to $10,000 per month. At the top of the stack, Private members receive 3 percent cashback alongside 2 percent in KAST Points on up to $40,000 in monthly spend, plus access to an exclusive gold card.[1] Premium and Private members also receive Visa Infinite cards, conferring up to $1.5 million in travel accident insurance, 180 day purchase protection, 30 day price protection, and access to more than 1,200 airport lounges worldwide via the Visa Airport Companion application.[1] | Tier | Monthly Fee | Cashback | KAST Points Bonus | Monthly Spend Cap | | | | | | | | Standard | $0 | 1.5% | None | $2,000 | | Premium | Paid | 2% | 1% | $10,000 | | Private | Paid | 3% | 2% + gold card | $40,000 | The cashback is paid in USD stablecoins and is immediately available for spending on the KAST card alongside regular balances, creating what the company describes as an "earn to spend" loop native to stablecoin infrastructure. Unlike airline miles or retailer points, the rewards carry a fixed dollar value at the moment of issuance and require no conversion step. Raagulan Pathy on the Rewards Shift "We know users want rewards to feel like real money, not something you have to manage over time. Stablecoin cashback is a step in that direction what you earn is what you get, and you can use it on your KAST card along with your typical spend. Over time, that's where rewards are heading." Raagulan Pathy, Founder and CEO, KAST [1] Raagulan Pathy founded KAST in July 2024 following his tenure as Vice President for Asia Pacific at Circle , the issuer of USDC. His background in regulated stablecoin infrastructure has shaped KAST's product roadmap, which treats stablecoins not as speculative assets but as the settlement layer for everyday financial activity.[2] Company Scale and Recent Funding The cashback launch follows KAST's $80 million Series A completed in March 2026, co led by QED Investors and Left Lane Capital , with participation from Peak XV Partners, HSG, and DST Global Partners. The round valued the company at approximately $600 million , a figure reported by Bloomberg citing people familiar with the matter, and was raised less than 18 months after KAST's founding.[2] As of the announcement, KAST serves more than one million users across 170 plus countries, with cards issued on the Visa network. The platform processes nearly $5 billion in annualised transaction volume , placing it among the top three stablecoin card platforms by volume globally. The company employs more than 250 staff across engineering, compliance, and operations, with talent drawn from Stripe, Revolut, Binance, Circle, and Airwallex.[2] Latin America accounts for roughly 30 percent of KAST's user base, with Brazil representing its single largest national market. The company has flagged the region as a primary expansion target for 2026, alongside North America and the Middle East. Ecosystem Context: Earn Vaults and KAST Dollar The cashback programme sits within a broader product stack that KAST has been assembling throughout 2025 and into 2026. In January 2026, KAST launched KAST Earn Vaults , offering 5 to 9 percent APY on stablecoin deposits through a risk management framework built in partnership with Gauntlet .[4] In December 2025, the company introduced KAST Pay and KAST Tag , enabling peer to peer stablecoin transfers and user addressable payment handles. Looking further out, KAST has signalled plans to introduce KAST Dollar , a proprietary stablecoin product comprising USDK and USDY tokens to be issued on Solana in partnership with M^0 . The company has also outlined plans for dedicated savings products, consumer credit offerings, and a KAST Business vertical targeted at companies managing cross border stablecoin flows, all expected to materialise before the end of 2026.[1] Positioning Against Legacy Rewards Models The shift from points to stablecoin cashback addresses a structural criticism of traditional card rewards: that the value of points is opaque, subject to devaluation, and locked into specific redemption channels controlled by the issuer. Stablecoin cashback eliminates the conversion layer, and by delivering rewards in a currency pegged to the US dollar, KAST guarantees that the stated percentage translates directly into purchasing power at the moment of credit. For a cardholder spending $10,000 per month at the Premium tier, that equates to $200 in USD stablecoin cashback plus an additional $100 in KAST Points per month, a total reward value of $300 delivered without rebate forms, portal logins, or redemption windows. At the Private tier, a $40,000 monthly spender receives $1,200 in stablecoin cashback and $800 in KAST Points each month. The programme represents a direct challenge to incumbent neobanks and fintech card products that have leaned on point multipliers and category bonuses without offering the settlement finality that stablecoin infrastructure makes possible. As regulatory frameworks for stablecoin issuance mature across the US, EU, and Southeast Asia in 2026, products that treat stablecoins as the unit of account for consumer rewards are likely to attr…