LatviaKAST advertises 8% to 12% on assets yielding 3.5% to 4%.

The stablecoin platform went from near break-even into losses, chief executive Raagulan Pathy said.

Card providers bet customers will later trade, borrow or stake, and those fees will repay the cashback.

Bybit EU replaced 2%-10% standard cashback with an uncapped 1%, and Bleap cut its 2% base to 1%.

KAST, which raised $80 million in March, says it has four to five years of runway.

How each outlet framed it

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CoinDesk
traces the subsidy math: KAST slid from break-even to losses as growth spend rose; Bleap says cashback-only users can be unprofitable

Sources: CoinDesk