Fasset Hits $1 Billion Valuation with SBI-Backed Funding Round

Fasset, a Los Angeles-based stablecoin banking platform, has reached a $1 billion valuation after closing a $68 million funding round led by Japan's SBI Group.

The investment brings Fasset's total funding in 2026 to $119 million and follows a $51 million round in May. CEO Mohammad Raafi Hossain says revenue has grown roughly six-fold year over year, with the company being profitable for 12 consecutive months.

Fasset processes over $40 billion in annualized transaction volume across 125 countries and offers users to hold, send, spend, and invest across currencies and assets. The platform runs on OWN Network, its own AI-enabled Ethereum Layer 2 infrastructure built on Arbitrum.