Stablecoin-focused digital bank Fasset has reached a $1 billion valuation after raising $68 million in a funding round led by Japan’s SBI Group, just three months after its previous financing. The latest investment brings Fasset’s total funding this year to $119 million, following a $51 million round in May. The company plans to use the new money to expand its stablecoin-based payments infrastructure, strengthen its AI systems and grow its network across Japan, Asia and emerging markets.
The belief that started Fasset now powers its next chapter.
$68 million raised. $1 billion valuation.
Now, we take that belief further, expanding access and building financial infrastructure for global scale. https://t.co/m1n1jVTjDo
— Fasset (@fasset_official) August 24, 2026
Fasset, headquartered in Los Angeles, operates a financial platform that allows consumers and businesses to hold, send, spend and invest across different currencies and assets. Stablecoins work in the background as part of the settlement process.
According to the company, it currently handles an annualized transaction volume of over $40 billion across 125 countries. CEO Mohammad Raafi Hossain says, the company has expanded significantly over the past year and that the with sales has risen almost six times year over year. Additionally, he stated that Fasset has been profitable for 12 months in a row, despite the fact that the business has not revealed its true revenue or profit numbers.
Most of its revenue currently comes from institutional and retail businesses, including stablecoin payments and settlement services. Cards and bank accounts are also starting to contribute to the business, Hossain said.
Fasset’s growth reflects a wider shift in financial technology. Stablecoins were once mainly associated with crypto trading and transfers between exchanges. They are now more often utilized for foreign payments, corporate treasury management, and remittances.
In emerging countries, where cross-border transactions frequently pass through many correspondent banks, this might be very helpful. Transfers may become more costly and take longer as a result.
Fasset operates its financial infrastructure through OWN Network, a proprietary Ethereum Layer 2 network built on Arbitrum. The company says the network connects banks, telecom companies, payment providers, liquidity firms and other financial institutions across more than 100 banking corridors.
Customers do not necessarily need to know that stablecoins are involved. A person may simply move money between a bank account, payment service, currency or another asset, while a stablecoin handles the settlement in the background.
The latest investment also strengthens Fasset’s relationship with SBI Group, one of Japan’s more active traditional financial groups in the digital-asset sector. SBI has invested in companies including Ripple, Circle and DeFi lender Morpho. It also owns crypto liquidity provider B2C2 and has backed several blockchain infrastructure and stablecoin projects.
Fasset already works with SBI Remit, giving it access to a large remittance network. Hossain said the two companies now want to connect more payment corridors and financial rails across Japan, Asia and other emerging markets.
The companies have not yet announced specific new products or corridors. For Fasset, the immediate focus is on combining its technology and distribution network with SBI’s regulatory experience and financial ecosystem.
The new funding will also support further development of OWN Network and Fasset’s AI systems. These systems are designed to choose payment routes, currencies, liquidity providers and settlement methods based on factors such as cost, speed and availability.
For Fasset, the goal is fairly straightforward: make moving money across borders faster and cheaper, while letting stablecoins do much of the work behind the scenes.
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