Fasset has raised $68 million in a Series C funding round led by Japan’s SBI Group, giving the Los Angeles-based stablecoin-focused neobanking platform a $1 billion valuation and placing it among the sector’s newest unicorns.
The company said the capital will be used to expand Own Network, its regulated financial infrastructure for banks, payment companies, liquidity providers and other financial institutions. Fasset says the network already connects more than 100 banking corridors, a term used for the routes through which money moves between countries and financial systems.
The round follows Fasset’s $51 million Series B in May, bringing its disclosed fundraising in 2026 to $119 million. The back-to-back financings suggest Fasset is moving from building payments and digital-asset products toward financing the infrastructure needed to operate them across multiple regulated markets.
Funding targets banking corridors and settlement systems
Mohammad Raafi Hossain, Fasset’s chief executive, described the company’s goal as “any-to-any banking” in its funding announcement. The model is designed to connect traditional bank accounts, payment rails, stablecoins and tokenized assets so institutions can move value between systems without building separate integrations for every market.
That approach places Fasset in a crowded but increasingly well-funded segment of the stablecoin market. Payment companies and banks are seeking ways to use digital tokens for cross-border settlement, where transfers can involve several correspondent banks, currency conversions and processing delays.
Fasset said it will also spend part of the Series C proceeds on artificial intelligence-enabled systems for corridor banking, stablecoin settlement and tokenized assets. The company did not provide technical details, though such systems could be used to automate compliance checks, liquidity routing and transaction monitoring across markets with different operating rules.
The company said it handles $40 billion in annual transfer volume, serves more than three million active wallets and operates across 125 countries. Fasset also reported that revenue rose sixfold over the past year and that it had remained profitable for 12 consecutive months. Those figures, if sustained, would distinguish the company from many digital-asset infrastructure businesses that have relied on funding to support expansion before reaching profitability.
Stablecoin use is moving into payments infrastructure
The financing arrives as stablecoins are being tested beyond cryptocurrency trading and decentralized finance. Dollar-pegged tokens have increasingly been positioned as settlement tools for remittances, merchant payments, corporate treasury transfers and tokenized financial assets.
USDT, issued by Tether, remains the largest dollar-linked stablecoin, while Circle’s USDC is the second largest. Together, they account for most of the liquidity used in stablecoin settlement today, leaving newer payment-focused networks dependent on the ability to connect established tokens with banking partners and local currency rails.
Fasset’s Own Network is aimed at that connection layer. Rather than operating solely as a consumer wallet or an issuer of a single token, the company is building a network intended to link regulated institutions that already handle deposits, payments and foreign exchange. The strategy would allow Fasset to benefit from stablecoin adoption without requiring every user or institution to hold the same asset.
The practical challenge is regulatory fragmentation. Cross-border payment networks must comply with local licensing rules, anti-money-laundering requirements, sanctions screening and reserve standards for stablecoin activity. A network covering more than 100 corridors also needs reliable access to local banking partners and sufficient liquidity in each currency route.
Corporate use cases are drawing attention
Other recent developments point to growing interest in stablecoins as an institutional payments tool. Rain has said stablecoin payments facilitated through its services can reach more than 100,000 merchants through Visa’s network, with transactions settling in roughly three days.
In Hong Kong, Anchorpoint, which is backed by Standard Chartered, began a phased rollout of its Hong Kong dollar-backed stablecoin, HKDAP, on Aug. 12. The initial use cases include cross-border payments as well as the settlement and distribution of tokenized real-world assets.
These projects address a narrower commercial need than the rhetoric often associated with digital currencies: reducing the friction involved in moving money between businesses, financial institutions and markets. Faster settlement can release working capital that would otherwise remain tied up during processing periods, while integrated payment routes can reduce the number of intermediaries involved in a transfer.
Merchant payments remain harder to displace because card networks offer consumer protections, dispute handling and broad acceptance. Yet stablecoin settlement can gain ground in business-to-business transfers and international payments, where payment recipients may place greater value on speed, availability and direct access to funds.
SBI’s backing gives Fasset a stronger Asian link
SBI Group’s leadership of the round gives Fasset a significant connection to Japan’s financial sector and to Asian markets where regulated digital-asset activity is developing under increasingly defined rules. Japan has established a framework for stablecoins issued by licensed entities, while Hong Kong is pursuing its own regime for fiat-referenced stablecoins.
That regional positioning could be useful as Fasset expands its banking corridors. Asia includes major remittance markets, export-oriented economies and financial hubs where the demand for faster cross-border settlement is particularly visible. Building local relationships in those markets may prove more valuable than simply adding wallet users, since payments networks depend on regulated entry and exit points between digital tokens and national currencies.
Fasset’s $1 billion valuation therefore rests on a demanding execution task: converting a network of banking relationships, stablecoin rails and tokenized-asset services into recurring financial infrastructure. The new funding gives the company more room to pursue that model, while its reported profitability provides a measure of support for the claim that demand is already extending beyond experimental blockchain payments.
Explore how Asia is driving dollar-backed adoption in “why stablecoins matter in Asia today” for deeper context on Fasset’s expansion.
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