Fasset has crossed a $1 billion valuation on the back of a Japanese banking group's bet that the most valuable stablecoin business is not trading, but the plumbing between currencies that legacy correspondent banking handles badly.

The company said on Aug 24, 2026 that it raised $68 million in a Series C led by SBI Group, at a valuation of $1 billion. Speedinvest, an investor in the previous round, returned. The raise follows a $51 million Series B in May, bringing Fasset's 2026 total to $119 million and its cumulative funding past $150 million. Fasset was founded in 2019 by Mohammad Raafi Hossain, who serves as chief executive, and Daniel Ahmed. The company's own announcement gives its base as Los Angeles, though it is widely covered as a UAE company, reflecting where it built its regulated footprint.

What the company does

Fasset describes itself as an AI-powered stablecoin neobanking platform. In practice that means letting individuals, businesses and institutions receive, hold, move, spend and invest across currencies and asset classes, settled on stablecoin rails rather than through correspondent banks.

The infrastructure layer underneath is branded Own Network, which connects banks, payment providers, liquidity providers and other financial institutions across more than 100 banking corridors. Fasset says it operates through regulated entities and partnerships across the GCC, Asia and Europe. Neither the company nor the coverage of the round names the specific regulators or licences involved, which leaves the most load-bearing claim in its pitch — that this is regulated rather than offshore infrastructure — the least documented part of it.

The numbers behind the round

The metrics Fasset disclosed alongside the round are the case for the valuation. The company reports more than $40 billion in annualised transaction volume, over 3 million wallets, more than 1,000 enterprise clients and operations across 125 countries.

Those are company-supplied figures and none of the coverage indicates they were independently audited. Annualised volume in particular is a projection from a recent period rather than a completed year, and in payments it counts money moving through a system, not revenue kept from it. No revenue figure was disclosed.

Why the timing matters

SBI Group's involvement is the part worth watching. Yoshitaka Kitao, the SBI Holdings chief executive, framed the investment in terms of Fasset serving as a bridge connecting Japan with high-growth markets, which reads less like a financial position than a distribution thesis. SBI has spent years building crypto and digital-asset businesses in Japan, and a corridor operator with licences on the other end of those flows is a complementary asset.

The direction of travel also says something about where stablecoin value is settling. The consumer trading era produced exchanges; the current cycle is funding the settlement layer, where the customers are banks and enterprises rather than retail speculators, and where regulatory permissions are the moat. Fasset's stated use of funds is consistent with that. It plans to expand Own Network and deepen investment in agentic AI systems for corridor banking, stablecoin settlement and tokenised asset infrastructure.

The gap between a $1 billion valuation and roughly $150 million raised over seven years suggests investors are pricing corridor access rather than current earnings. Whether that holds depends on something the announcement does not address: how much of $40 billion in flow Fasset actually keeps.

Source

Wamda — "Fasset hits $1 billion valuation after $68 million Series C" | Coindesk