KAST CEO Raagulan Pathy on building a stablecoin neobank that barely mentions crypto, and why its tagline is now simply ”Money by KAST.”Raagulan Pathy (Raags) ran Circle's Asia Pacific business as VP and CEO of Circle Singapore, after a first cloud startup that didn't work out. His second company, KAST, is a stablecoin neobank for people who earn, spend and save across borders. It has passed one million users and processes close to $5 billion in annualized transaction volume.In this episode of the unhashed podcast , Raags tells host Sri Misra why most of the world is already dollarized, and why network effects will keep USDT and USDC ahead of challenger stablecoins. He expects tokenized stocks to grow the way online shopping did, a point or two a year. He also explains how KAST plans to approach stablecoin remittances to India by focusing on inward flows, so it doesn't become a channel for capital flight.KAST raised an $80 million Series A in March 2026, co-led by QED Investors and Left Lane Capital, at a reported $600 million valuation. This conversation is about who gets to build the first truly global money app.Key highlights:👉Why KAST dropped crypto language and rebranded as ”Money by KAST”👉The Amazon playbook: retailer, then marketplace, then AWS, with an acquired infrastructure layer for fintechs building their own neobanks👉 Why Raags names only Revolut, Nubank and the large banks as long-term rivals👉 How KAST is approaching India's remittance market ($135.4 billion in FY25 inflows), starting with a lawyer as its head of India👉 What the Credit Suisse collapse taught him about keeping customer deposits in treasury-backed stablecoins👉Why he calls tokenization ”up only,” and how tokenized stocks drive demand for stablecoins👉What stablecoin neobanks will look like by 2030Chapters:00:00 From failed startup to stablecoin neobank04:36 What a stablecoin neobank really is06:40 KAST's Amazon playbook: from app to infrastructure08:57 Global money app vs Revolut and Nubank12:09 Euro stablecoins and dollarization16:04 Stablecoin remittances to India17:51 Safe yield and tokenized stocks21:31 Why tokenization is ”up only”23:57 Unbundling banking and USDT vs USDC27:17 Stablecoin neobanks by 2030Subscribe to un# (unhashed) for weekly founder conversations on stablecoins, DeFi and tokenization.Follow Sri Misra on LinkedIn: https://www.linkedin.com/in/srimisra/Guest: Raagulan Pathmanathan (Raagulan Pathy), Co-founder and CEO, KAST#Stablecoins #KAST #Neobank #Tokenization #Fintech#RaagulanPathy #KAST #SriMisra #unhashed #Stablecoins #StablecoinNeobank #Neobank #Fintech #CryptoPodcast #DeFi #USDC #USDT #Tokenization #TokenizedStocks #GlobalMoneyApp #StablecoinPayments #CryptoCard #RemittancesIndia #futureofbanking Disclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.