Fasset reaches $1 billion valuation with $68 million round led by SBI Group
The stablecoin neobank has raised $119 million this year across two rounds. Proceeds go toward its Own Network settlement layer and cross-border banking infrastructure.
Fasset, a stablecoin-based neobanking platform, reached a $1 billion valuation on Monday after closing a $68 million Series C round led by Japan's SBI Group.
The round follows a $51 million Series B that closed in May, bringing the company's total capital raised this year to $119 million — an unusually compressed fundraising cadence that reflects both investor appetite for stablecoin infrastructure and the capital intensity of building licensed payment rails across multiple jurisdictions.
The platform lets users receive, hold, move and invest across currencies and asset types, with stablecoins used as the settlement medium rather than as a speculative holding. Proceeds will fund expansion of the company's Own Network, described as an AI-driven settlement layer, alongside its broader cross-border banking infrastructure.
The commercial case for stablecoin settlement is strongest in corridors where conventional correspondent banking is slow or expensive. Traditional cross-border transfers pass through a chain of intermediary banks, each adding cost and delay; settlement in a dollar-denominated token can compress that to minutes. The tradeoff is that the sender and recipient must be able to move in and out of local currency at each end, which is a licensing and banking-partner problem more than a technical one.
SBI Group's involvement is relevant on that point. The Japanese financial group has invested across digital-asset infrastructure for several years and brings regulatory relationships in a market with an established framework for stablecoin issuance and custody.
The round also lands in the middle of a shifting regulatory picture. The U.S. Treasury has proposed a licensing regime for payment stablecoin issuers under the GENIUS Act, with licensing opening in January 2027 and unlicensed issuance barred from July 2028. Firms that build on stablecoin rails rather than issuing tokens themselves are affected indirectly, through the compliance posture of the issuers whose tokens they settle in.