Fasset Hits $1 Billion Valuation After SBI-Led $68 Million Raise

Fasset, a stablecoin-focused digital bank based in Los Angeles, has secured $68 million in funding from a round led by Japan's SBI Group. This brings Fasset's valuation to $1 billion, cementing its status as the latest crypto unicorn.

The raise comes just three months after Fasset closed a $51 million round in May, bringing its total capital raised this year to $119 million.

Fasset CEO Mohammad Raafi Hossain said that the company now processes more than $40 billion in annualized transaction volume across 125 countries. Revenue has grown roughly sixfold year over year, and Fasset has been profitable for 12 consecutive months.