How KAST Is Building a Global Stablecoin Bank

In this episode, Raagulan Pathy, Co-Founder and CEO of KAST, sits down with Drew Rogers at Solana Breakpoint 2025 to break down the roadmap for building a truly global stablecoin bank. With 500,000 users, 20 million dollars in volume, and close to 150 engineers, KAST is pushing far beyond card payments into global payroll, yield-bearing stablecoins, unsecured credit, and a full business banking platform.

The conversation dives into KAST for Business, a global alternative to Ramp and Brex built on stablecoins with card issuance in over 125 countries. Raagulan explains the retail-to-business flywheel: how KAST's existing consumer user base becomes the natural distribution channel for the business product, and why building retail first made customer acquisition dramatically more efficient. He walks through how a startup founder can onboard a globally distributed team on day one, pay them instantly through KAST Tag, and manage everything from a single platform.

Raagulan also unpacks the technical challenge behind USDK and USDY, KAST's on-chain stablecoin balances issued with M0 as the issuance partner. He explains why no custodial platform has actually pulled this off yet: the bridging complexity, the 10 bips swap cost, and what it means to unify deposits across multiple chains into a single verifiable currency on chain. The conversation then turns to the stablecoin chain narrative.
Raagulan gives a candid take on Tempo, Codex, and the consortium design partner model, drawing on his experience at London Clearinghouse to explain why multi-company governance structures historically struggle to ship.

The interview closes with Raagulan's focus philosophy for 2026. "Better than a bank"is the single north star. Every hire is a dilution to focus. Until KAST completely crushes the banking experience, nothing else gets priority.

Key Timestamps:
00:00 - Introduction
00:53 - Fifth sit-down with KAST and the Breakpoint yacht party
02:40 - KAST is only 18 months old. Gold Card launched at Breakpoint 2024
03:06 - Solana Foundation partnership: "We never got a single dime"
05:57 - 2026 product roadmap: 150 engineers, unsecured credit, global payroll
07:45 - Three pillars: KAST, Outcast, KAST for Business
08:13 - KAST for Business: a global Ramp/Brex for startups with stablecoins
09:38 - The retail-to-business flywheel and why building consumer first matters
11:29 - KAST Tag: instant payments via phone, email, or tag
12:05 - USDK and USDY: putting all customer balances on chain
13:40 - Why showing stablecoin balances on chain is harder than it sounds
15:04 - Stablecoin chains: Tempo, Codex, and why the jury's still out
18:24 - London Clearinghouse and the problem with consortium design partners
20:18 - Shiny object syndrome and extreme ownership
21:45 - "Better than a bank"as the single focus for 2026

Whether you're building a stablecoin-native product, thinking about global payroll infrastructure, or just trying to understand what it actually takes to compete with traditional banks, this conversation delivers the founder-level clarity most crypto banking content skips.

Recorded at Solana Breakpoint 2025

Guest: Raagulan Pathy, Co-Founder and CEO at KAST
Host: Drew Rogers
Follow Stabledash on X: @stabledash
Follow KAST on X: @KASTxyz
Follow Raagulan on X: @raagulanpathy

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The content of this video is for informational purposes only and does not constitute financial, investment, or legal advice.