Stablecoin payment firm KAST faces backlash over terms of service

Stablecoin payment company KAST is embroiled in a controversy over its terms of service, The Defiant reported. The issue was highlighted by Mike Silagadze, CEO of DeFi protocol Ether.fi (ETHFI), who strongly criticized KAST for a clause stating that ownership of user-deposited cryptocurrency is transferred to the company. KAST has since updated its terms to clarify that unused balances can be redeemed at any time, but the ownership transfer structure remains in place. According to the report, the controversy is escalating amid separate user backlash against KAST's decision to convert existing points into an equity-linked product rather than a token.