KAST will end Points earning on November 30, 2026 and convert eligible balances into KAST Pioneer Units, or KPUs, during the first week of December. Users who do not qualify will receive reward vouchers for eligible spending instead.
The official transition FAQ spells out the limits. KPUs are not shares, do not provide ownership or voting rights, cannot be sold, transferred or traded, and carry no guaranteed cash value or payment. KAST says the units will have a notional economic value that can rise or fall, with periodic cash-out opportunities planned for the future.
Cashback and Reserve Rewards continue, and the KAST card remains operational. The dispute spreading across Crypto Twitter concerns what years of Points activity will become and whether the new instrument matches the expectations KAST created along the way.
A contractual right with no disclosed payout formula
KPUs will be issued under program terms by a special purpose vehicle linked to KAST. The FAQ calls them contractual rights, so the contract will define whatever enforceable value they have. It is not yet public. KAST will send it with each user's conversion details in early December.
KAST has not disclosed the conversion formula, how a KPU's notional value will be calculated, when cash-out events will occur, how the cash-out price will be set, or how much KAST will make available at each event. Country, KAST balance, Points balance and legal eligibility can all affect whether a user receives KPUs or vouchers.
Eligible users must also complete an in-app acknowledgement by a deadline that KAST will set in December. Under the standard terms described in the FAQ, missing it cancels the KPU balance. The old Points are not reinstated and no replacement reward is provided, subject to applicable law.
From token airdrop to equity language to KPUs
Token expectations came directly from KAST's own marketing. The company repeatedly connected Points to a future token.
In November 2024, the official KAST account called Rewards an airdrop program for early adopters and told followers it would explain how to stack Points before TGE. In September 2025, KAST described the card in a reply as loading stablecoins, spending worldwide and earning Points for a token airdrop. Three days later, when a user asked whether rewards came as stablecoins or a token, KAST answered: "Token airdrop."
The account also wrote "TGE in 2026" in September 2025. SpendNode's March 2026 coverage recorded the then-current program as one KAST Point converting into one KAST token at a planned token generation event.
Those posts were marketing statements and did not create a token sale contract. KAST says it never sold a token or a SAFT, and a target date can move. Even so, repeated references to a token airdrop and TGE gave users a rational basis for treating Points as pre-token rewards. An ordinary loyalty balance was a different proposition.
KAST moved away from that plan months ago. In July, CEO Raagulan Pathy described a different structure: KAST would take the Points' notional value and provide equivalency in an equity-linked instrument using the latest share price paid by investors. He wrote that the cap table had been diluted to the community and described a pool approaching nine figures, alongside periodic equity buybacks and cash-out programs.
Today's KPU FAQ uses narrower legal language. It explicitly denies shares, ownership and voting rights. The July and November descriptions may still fit together if the contract links KPU payments to KAST milestones or the investor share price without granting equity. The public documents do not yet make that connection.
Users cannot compare the KPU outcome with the abandoned token or equity-linked plan until KAST publishes the formula and the legal rights attached to it.
KAST says a token would have hurt users
Pathy said the company spent millions working with law firms, investors and country-specific legal opinions to create the SPV structure. In his latest explanation, he argued that crypto card and neobank tokens have consistently lost value, while founders and investors often retain more flexibility than token holders. KAST's team and investors remain in equity, he said, and the company believes KPUs will align users with KAST's long-term success without launching another freely traded token.
A token launch can produce immediate liquidity followed by heavy selling. Its public market price can collapse quickly. KAST also says it never sold a token or a SAFT, and Points were earned through use of the platform.
KAST's case against launching a token leaves the KPU price unanswered. Holders have no open market where they can choose when to exit. Cash-out timing and pricing remain with the program operator unless the December contract says otherwise.
The card continues while Points holders wait
The announcement spread quickly among large crypto accounts and long-time card users. DeFi writer Ignas summarized the concern as Points that KAST may pay later without equity or voting rights. Wale.moca focused on the sequence from high Points rewards, to equity messaging, to units without an ownership guarantee. Other users asked whether their country, balance or Points total would push them into the voucher pathway.
Some posts went beyond the available evidence. KAST has published a transition and its payment product remains operational. The documents support a narrower criticism: KAST marketed a TGE, later described equity-linked equivalency, and has now announced an instrument whose economic value cannot yet be calculated.
KAST became one of the most visible crypto card brands on Crypto Twitter by pairing a usable stablecoin card with aggressive Points incentives and high-end memberships. Cardholders who joined for ordinary USD cashback may see little immediate change. Users who paid for higher tiers, spent heavily or referred others partly to accumulate Points have much more at stake.
December terms will determine what KPUs are worth
Existing Points holders can continue earning through eligible activity until November 30. They should confirm that their country of residence and account details are accurate, then watch the Rewards section in early December. No acknowledgement is available yet.
The December documents need to answer six questions: the Points-to-KPU ratio, the valuation formula, the rights created by the contract, country eligibility, cash-out pricing and frequency, and the deadline for accepting conversion. Voucher recipients also need the voucher amount, eligible spending rules and expiry date.
Until those terms arrive, SpendNode will assign KPUs a value of $0 when comparing cashback and points programs. The eventual payout may be higher. For comparison math today, an undefined, non-sellable unit contributes nothing to the card's reward rate.
Overview
KAST Points earning ends on November 30, 2026. Eligible Points will convert into non-transferable KPUs in early December, while some users will receive spending vouchers. KPUs are contractual rights issued by a KAST-linked SPV, not shares or tokens, and they have no guaranteed cash value. KAST plans periodic cash-out opportunities but has not disclosed the conversion, valuation or payout mechanics.
The card, USD cashback and Reserve Rewards continue. December's contract must show whether KPUs connect to the token and equity-linked outcomes KAST previously discussed in a way that users can independently value.
