SBI Group Leads $68 Million Funding Round for Stablecoin-Settled Digital Bank Fasset

Fasset, a Los Angeles-based digital bank, has reached a $1 billion valuation after raising $68 million in a Series C round led by Japan's SBI Group. The funding will be used to expand Fasset's proprietary settlement infrastructure and support growth across regulated markets.

This is the third large investment from SBI in crypto infrastructure this summer, following deals with Gauntlet and EDX Markets. SBI has put roughly $269 million behind Series C rounds since early July, targeting infrastructure tied to stablecoins and digital payments.

Fasset's platform allows consumers and businesses to hold, send, spend, and invest across currencies using stablecoins as settlement infrastructure. The company processed over $32 billion in annualized transaction volume across 125 countries as of its May raise.