Stablecoin neobank Fasset has raised $68 million in a Series C led by Japan’s SBI Group. The round values the Los Angeles-based company at $1 billion and pushes its 2026 fundraising total to $119 million.
The raise, announced Monday, comes just months after Fasset closed a $51 million Series B in May. SBI Holdings confirmed it made a follow-on investment after its initial backing in May. The size of that latest check was not disclosed. The Japanese financial group plans to increase its stake through warrants once the Series C closes. At that point, Fasset is expected to become an equity-method affiliate of SBI.
That links Fasset to one of crypto’s most active institutional buyers. Over the past several years SBI has stacked digital-asset bets across trading, mining, and lending.
Fasset will put the new capital toward expanding Own Network, its regulated infrastructure connecting banks, payment providers, and liquidity firms across more than 100 banking corridors, according to The Block. Investment is also earmarked for AI-enabled systems handling stablecoin settlement, corridor banking, and tokenized assets. Separately, SBI and Fasset intend to jointly operate a digital bank in Malaysia and distribute Fasset-issued tokens.
CEO Mohammad Raafi Hossain framed the build-out in broad terms. “The next phase is about any-to-any banking,” Hossain said in a statement shared with The Block. “Any person to any person. Any asset to any asset. Any rail to any rail, anywhere.”
The raise lands as the stablecoin market keeps swelling. Total USD-pegged stablecoin supply sits above $290 billion. Tether’s USDT accounts for more than $183 billion of that. Circle’s USDC stands at $73.6 billion, per The Block’s data. The infrastructure layer around those tokens has drawn a steady drip of institutional capital even as spot crypto trading cooled through the spring.
Activity elsewhere in the sector echoes the trend. Last week, Rain CEO Farooq Malik said stablecoin payments now reach more than 100,000 merchants via Visa’s network. Standard Chartered-backed Anchorpoint began a phased rollout of its HKD-backed stablecoin HKDAP on August 12, targeting cross-border payments and tokenized real-world-asset settlement.
Fasset did not disclose a timeline for the Malaysia digital bank launch. SBI did not name other Series C participants. Figures on Fasset’s revenue growth were not available from the pages reviewed.
