Fasset reaches $1 billion valuation after $68 million raise

Fasset raised $68 million in a Series C led by Japan's SBI Group, which valued the stablecoin-focused neobanking platform at $1 billion. Fasset will use the funding to expand Own Network, its regulated financial infrastructure. Own Network connects banks, payment providers, liquidity providers, and other financial institutions across more than 100 banking corridors. Fasset plans to invest in AI-enabled systems for corridor banking, stablecoin settlement, and tokenized assets. The round follows Fasset's $51 million Series B in May. The company said it raised $119 million in 2026. Fasset CEO Mohammad Raafi Hossain said the next phase will focus on connecting people, assets, and payment rails. USD-pegged stablecoin supply has grown to more than $290 billion, according to The Block's data dashboard. Tether's USDT accounts for more than $183 billion of that supply. Circle's USDC has $73.6 billion.