Fasset reaches $1 billion valuation after $68 million SBI-led raise, CoinDesk reports
The stablecoin-powered platform says revenue grew six-fold and that it has been profitable for 12 months, but it did not disclose revenue, profit or the terms behind the new valuation.
By The Third AnglePublished 4 min read
Illustrative financial imagery; it does not depict Fasset, SBI Group or a specific financing. Photo: Unsplash · Unsplash License
Stablecoin-powered financial platform Fasset has raised $68 million in a funding round led by Japan's SBI Group at a $1 billion valuation, CoinDesk reported. The reported valuation arrives about three months after Fasset's previous financing and takes the company's announced funding for 2026 to $119 million.
Fasset's chief executive, Mohammad Raafi Hossain, told CoinDesk that revenue grew roughly six-fold over the past year and that the company has been profitable for 12 consecutive months. Fasset did not disclose revenue or profit figures, so the report establishes the company's claims about growth and profitability but not the underlying amounts.
The business runs through stablecoin settlement
Fasset offers consumers and businesses a platform to hold, send, spend and invest across currencies and assets, using stablecoins as part of the settlement infrastructure. CoinDesk reported that the company processes more than $40 billion in annualized transaction volume across 125 countries, based on figures provided by Fasset.
The platform says its OWN Network is a proprietary, AI-enabled Ethereum Layer 2 built on Arbitrum. CoinDesk reported that the network connects banks, telecoms, payment firms, liquidity providers and other financial institutions across more than 100 banking corridors. Those are platform and management claims, not independently audited measures of settled volume or active usage.
SBI supplies reach, but the next corridors are not named
The new capital is intended to help Fasset work through SBI's financial network and expand payment corridors across Japan, Asia and emerging markets. Fasset already has a relationship with SBI Remit: a June announcement from Fasset describes a partnership around stablecoin-powered remittances, SME payments and treasury operations, and says the companies will develop stablecoin-linked card and wallet products.
The scale figures differ across the companies' public materials. CoinDesk quoted Hossain as saying SBI Remit's network reaches roughly 470,000 locations, while the June Fasset announcement described a cash-payout network spanning 350,000 locations. Neither source names the new corridors or provides a transaction forecast for the expanded relationship.
What the valuation does not establish
The round is a material financing and distribution signal for stablecoin payments, but a $1 billion private valuation is not a public-market price or an independently verified measure of operating performance. The public materials reviewed do not disclose the new financing's share structure, dilution, investor terms, revenue, profit or active-customer count.
The next test is operational: whether SBI's network turns Fasset's existing infrastructure into named corridors with measurable settlement volume, repeat users, costs and regulatory permissions. Until those details are published, the defensible claim is that Fasset has announced a major SBI-backed financing and expansion plan, not that stablecoin banking has already reached the company's projected scale.
