KAST’s launch comes as stablecoin adoption sees rapid growth. More than 20 million people use stablecoins every month across the world, and much of that is concentrated in emerging markets. Stripe’s $1.1 billion acquisition of stablecoin infrastructure provider Bridge in October has further signaled growing mainstream corporate interest in the technology.
The startup faces competition from both crypto-native firms and traditional fintech companies expanding into stablecoins. PayPal has launched its own dollar-pegged token, while Revolut and Ripple have announced plans to issue stablecoins. The sector is also heavily concentrated, with Tether controlling roughly three-fourths of supply.