KAST cancels token launch, converts points to non-tradable Pioneer Units

The Singapore fintech is swapping its planned token generation event for a loyalty-style unit that carries no ownership, no voting rights, and no guaranteed value KAST, the Singapore-based fintech platform behind the KASTxyz brand, has called off its token launch. Users who spent months stacking points will get something else instead: non-tradable KAST Pioneer Units, or KPUs, starting in December. The decision matters beyond KAST’s user base. A well-funded crypto company is openly walking away from the standard points-to-token playbook, and that is a signal worth reading. What KAST actually announced On November 2, 2026, KAST confirmed it would not hold its token generation event (TGE). A TGE is the moment a project mints and distributes its token, usually the payoff points farmers wait for. KAST had originally planned that event for late 2026. Instead, eligible points will be converted into KPUs through a special purpose vehicle, or SPV. An SPV is a separate legal entity set up for a narrow job. Here, the job is to hold and administer the new loyalty units. The timeline is short. Points earning stops on November 30, 2026. Conversion to KPUs is scheduled for the first week of Decem...