SBI Backs Stablecoin Unicorn
Stablecoin Neobank Fasset Hits $1 Billion Valuation Following Series C Funding Led by SBI
Key Points
Fasset has regulatory approvals in the UAE, the EU, and parts of Asia and operates on a Shariah-compliant basis.
SBI Remit and Fasset are partnering to build an AI-powered money-movement system backed by stablecoins, with SBI Remit contributing a cumulative transaction volume of about JPÂ¥2.5 trillion (roughly $16 billion).
Beyond funding, SBI plans to make Fasset an equity-method affiliate via further acquisitions and to jointly operate a digital bank in Malaysia, including plans to jointly distribute tokens issued by Fasset.
Fasset reported profitability for 12 consecutive months and has seen roughly six-fold revenue growth year over year, with new revenue coming from cards and bank accounts as it widens stablecoin payments and settlement.
CryptoBriefing cites a unicorn valuation around $1.05 billion for Fasset, a bit higher than the roughly $1.0 billion figure reported elsewhere.
Fasset, a stablecoin-focused neobank, has reached unicorn status with a $1 billion valuation after raising $68 million in a Series C round led by Japan's SBI Group BigGo Finance. The funding follows a $51 million Series B earlier this year, bringing Fasset's total capital raised to roughly $119 million and signaling major institutional confidence in blockchain-based cross-border payments.
SBI's investment goes beyond capital. The Japanese financial giant plans to make Fasset an equity-method affiliate and jointly operate a digital bank in Malaysia Bastille Post. SBI Remit, SBI's remittance arm, is partnering with Fasset to build AI-powered money-movement systems backed by stablecoins, tapping into SBI Remit's roughly $16 billion in annual transaction volume.
How Fasset's Stablecoin Network Operates Today
Fasset's Own Network connects over 100 banking corridors and 16 blockchain networks, enabling cross-border stablecoin settlements Crypto News. The platform supports more than 3 million wallets across 125 countries with annualized transaction volume exceeding $40 billion. Fasset is regulated in the UAE, the EU, and parts of Asia, operating on a Shariah-compliant basis to appeal to Islamic finance markets.
AI and Profitability Drive Revenue Expansion
Fasset reported profitability for 12 consecutive months and achieved roughly six-fold year-over-year revenue growth The Crypto Basic. The company is using artificial intelligence to optimize transaction routing and streamline cross-border payments. New revenue streams include Fasset-branded debit cards and bank accounts, widening its stablecoin payment and settlement services beyond pure remittances.
SBI's Deeper Bet on Asian Fintech Infrastructure
SBI's investment signals a shift toward deeper partnership with Fasset Bastille Post. The bank plans to jointly distribute tokens issued by Fasset and co-operate a digital bank in Malaysia, extending SBI's reach into Southeast Asia's payments market. SBI Remit brings $16 billion in cumulative annual transaction volume to the partnership, giving Fasset immediate scale in cross-border remittances.
Fasset is now expanding its capabilities across Asia, the Middle East, and Africa. The company is building lending and trade-finance products on top of stablecoin settlement, positioning itself as a full-service neobank rather than a payments-only player.
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