CoinDesk
Fasset closed a $68 million funding round led by Japan's SBI Group at a $1 billion valuation, the Los Angeles-based stablecoin neobank announced Monday. The raise landed three months after a $51 million round in May, bringing 2025 total funding to $119 million. CEO Mohammad Raafi Hossain told CoinDesk that revenue has grown roughly six-fold year over year and the company has now been profitable for 12 consecutive months.
Why it matters
The round, which valued Fasset at unicorn status, doubles down on a fintech model that wraps stablecoins behind familiar banking interfaces. Customers move money between bank accounts, cards and currencies without seeing the underlying settlement rail. SBI's involvement brings more than capital: the Japanese conglomerate already counts Ripple, Circle and DeFi lender Morpho in its digital asset portfolio, and Fasset plans to leverage that network alongside SBI Remit's 470,000 locations and 200-country reach.
The funding also reflects a broader shift in how stablecoins are used. Once confined to crypto exchange settlement, they are increasingly underpinning remittances, corporate treasury flows, and cross-border payments where correspondent banking chains add time and cost. Emerging markets are the loudest example.
Market impact
Fasset processes more than $40 billion in annualized transaction volume across 125 countries, with infrastructure that spans 100 banking corridors. The platform runs on OWN Network, a proprietary AI-enabled Ethereum Layer 2 built on Arbitrum that routes transactions across payment rails, currencies and liquidity providers based on cost, speed and availability.
SBI's network turns the raise into more than balance-sheet fuel. Tapping SBI's regulatory capabilities and portfolio of financial companies gives Fasset a faster path into Japan and Asia, regions where stablecoin-based payment corridors are gaining traction among licensed institutions. New products and specific corridors have not yet been named.
Frequently asked questions
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What is Fasset and what does it do?
Fasset is a Los Angeles-based stablecoin-powered banking platform that lets consumers and businesses hold, send, spend and invest across currencies and assets. It processes more than $40 billion in annualized transaction volume across 125 countries.
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How much did Fasset raise and at what valuation?
Fasset raised $68 million led by Japan's SBI Group at a $1 billion valuation. The round landed three months after a $51 million raise in May, bringing 2025 total funding to $119 million.
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Why did SBI Group back Fasset?
SBI sees Fasset as a vehicle to expand stablecoin-based payment corridors across Japan, Asia and emerging markets. Its digital asset portfolio already includes Ripple, Circle and DeFi lender Morpho, and it brings SBI Remit's 470,000 locations and 200-country reach.
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How does Fasset actually use stablecoins?
Stablecoins sit underneath the customer experience as the settlement rail. Users move money between bank accounts, cards and currencies without seeing the underlying stablecoin infrastructure, which connects banks, payment firms and liquidity providers across 100+ corridors.
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What is OWN Network?
OWN Network is Fasset's proprietary, AI-enabled Ethereum Layer 2 built on Arbitrum. It routes transactions across payment rails, currencies and liquidity providers based on cost, speed and availability, and is the infrastructure Fasset plans to expand with the new capital.
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