Fasset hits $1B valuation as SBI backs stablecoin banking push

Fasset has raised a $68 million Series C round led by SBI Group, giving the company a reported $1 billion valuation and putting fresh capital behind a business model built around stablecoin-based financial rails rather than a consumer crypto trading narrative. The financing matters for RWA and payments markets because it points to continued investor demand for firms trying to turn stablecoins into production infrastructure for treasury movement, settlement, and account-like financial products across multiple jurisdictions.

According to the company, the new funding follows a $51 million Series B completed in May and brings Fasset's 2026 fundraising total to $119 million. Fasset said it now processes more than $40 billion in annualized transaction volume, serves more than 3 million wallets, works with more than 1,000 enterprises, and supports activity across 125 countries. Those figures are company-reported, but even taken as directional signals they suggest the market is rewarding operators that can package stablecoins inside regulated financial workflows instead of leaving end users to assemble wallets, liquidity, and off-ramps on their own.

The capital is earmarked for expansion of Own Network, which the company describes as a regulated financial network connecting banks, payment providers, telecom operators, liquidity venues, custody partners, and settlement networks across more than 100 banking corridors. In practical terms, that puts the company closer to the infrastructure layer of cross-border finance than to a conventional exchange. Fasset says stablecoins are used inside parts of that network as settlement infrastructure, while customers interact with financial accounts and products rather than directly managing the plumbing underneath.

That framing is reinforced by the company's enterprise product positioning. Fasset Pay is marketed as a single API for collections, payouts, FX, and settlement, with licensing, compliance, liquidity, custody, and banking integrations handled behind the scenes. The product page claims settlement times can shrink from days to minutes and says platforms can add virtual-asset payment rails without standing up their own fragmented stack. For the broader RWA landscape, that is the more interesting signal: value is shifting from token issuance alone toward middleware that can connect tokenized money with local bank accounts, treasury operations, and cross-border disbursement.

SBI's role is also notable. Fasset describes the Japanese financial group as an investor with exposure across banking, securities, asset management, private equity, and digital assets, and says the new round expands an existing relationship. That matters because stablecoin infrastructure increasingly depends on distribution, compliance reach, and institutional connectivity more than pure onchain throughput. A backer with deep financial-services relationships can help a networked platform win corridors, counterparties, and regulated operating footholds faster than a capital-only investor can.

There is also a quiet tokenization angle in the way Fasset is pitching the business. Alongside corridor banking and stablecoin settlement, the company said it plans to deepen AI systems that support tokenization workflows and asset access through a single account structure. That does not amount to a new tokenized securities launch on its own, but it does show where the market is moving: firms are trying to bundle payments, savings, treasury movement, and investment access into one compliance-aware account layer. If that model works, stablecoins become less of a standalone product and more of a transport rail for a wider RWA stack.

The main open question is whether operators like Fasset can convert fast growth claims into durable regulated scale across major markets. Cross-border stablecoin businesses still face licensing fragmentation, banking partner concentration, and shifting rulebooks around custody, reserves, and consumer protection. But this round still qualifies as a meaningful datapoint. In a market that has spent much of the past year separating speculative token activity from usable financial infrastructure, investors are still writing large checks for platforms that promise to make stablecoin settlement look and feel like mainstream financial services.