USDFasset Hits $1 Billion Valuation in SBI-Led Stablecoin Banking Push
Funding deepens Fasset’s ties to SBI as cross-border settlement infrastructure expands
TL;DR
- Fasset raised $68 million in a Series C led by Japan’s SBI Group, giving the stablecoin-focused neobanking platform a $1 billion valuation.
- Fasset plans to expand OWN Network and invest in AI-enabled systems for corridor banking, stablecoin settlement and tokenized assets.
- The company is using SBI’s financial network to broaden payment corridors across Japan, Asia and other emerging markets.
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Fasset said on August 24, 2026, that it raised $68 million in a Series C funding round led by Japan’s SBI Group, valuing the Los Angeles-headquartered stablecoin-focused neobanking platform at $1 billion as it expands cross-border payment and settlement infrastructure.
The financing came about three months after Fasset’s previous round. Early backer Speedinvest and a group of strategic investors participated in that earlier financing. Fasset CEO Mohammad Raafi Hossain said the company’s business has expanded sharply over the past year, with revenue coming mainly from institutional and retail operations, including growing stablecoin payment and settlement activity. Cards and bank accounts are also beginning to generate new revenue.
Fasset operates a financial platform that allows consumers and businesses to hold, send, spend and invest across currencies and assets, with stablecoins functioning as part of the settlement infrastructure behind the customer-facing products. Hossain said absolute revenue and profit figures were not disclosed even as the company reported the growth and profitability measures.
OWN Network puts stablecoins beneath everyday financial transfers
Fasset’s business runs on OWN Network, a proprietary, AI-enabled Ethereum Layer 2 built on Arbitrum. The infrastructure connects banks, telecom companies, payment firms, liquidity providers and other financial institutions across more than 100 banking corridors. Stablecoins can operate as the settlement layer underneath transactions even when customers are not explicitly sending stablecoins themselves.
“Customers interact with stablecoins at many different points on our platform,” Hossain said. “They might be moving between a bank account, a payment product, a currency or another asset, while stablecoins provide the settlement rail underneath.”
The new capital will support expansion of OWN Network and further development of Fasset’s AI systems for corridor banking, stablecoin settlement and tokenized assets. Those systems route transactions across payment rails, currencies, liquidity providers and settlement methods based on cost, speed and availability.
Hossain described the company’s next phase as broader interoperability across financial systems. “The next phase is about any-to-any banking. Any person to any person. Any asset to any asset. Any rail to any rail, anywhere,” he said.
Stablecoins, once used mainly to transfer funds between crypto exchanges, are increasingly being used for remittances, corporate treasury operations and international payments. Cross-border transfers in emerging markets can pass through several correspondent banks, adding time and fees along the way, making settlement infrastructure a central focus of Fasset’s expansion.
SBI relationship opens wider remittance and financial networks
The latest investment deepens Fasset’s relationship with SBI and gives the company access to the Japanese group’s broader financial network. Hossain said Fasset plans to work with companies across SBI’s portfolio while expanding OWN Network.
Fasset already works with SBI Remit, giving the company access to a remittance network spanning roughly 470,000 locations and bank-account transfers to about 200 countries, according to Hossain. “Together, we want to connect more corridors and financial rails across Japan, Asia and other emerging markets,” he said.
Fasset and SBI have not yet named specific new products or corridors. Hossain said the broader opportunity is to combine Fasset’s infrastructure and distribution with SBI’s regulatory capabilities and portfolio of financial companies.
SBI has investments spanning Ripple, Circle and DeFi lender Morpho and also owns crypto liquidity provider B2C2. The Japanese financial group has additionally backed blockchain infrastructure and stablecoin projects as it builds its digital-asset business.
Stablecoin infrastructure expands across traditional payment networks
The funding comes as dollar-pegged stablecoins occupy a larger role in payment and settlement infrastructure.
Rain CEO Farooq Malik said during the preceding week that stablecoin payments facilitated by Rain already reach more than 100,000 merchants through Visa’s network, with transactions currently settling in about three days.
Standard Chartered-backed Anchorpoint also began a phased rollout of its Hong Kong dollar-backed HKDAP stablecoin on August 12, 2026, initially targeting cross-border payments and the settlement and distribution of tokenized real-world assets.
This article has been refined and enhanced by ChatGPT.
