New stablecoin bank Fasset secures $68 million in funding led by SBI Group, reaching a $1 billion valuation.

According to CoinDesk, newly established stablecoin bank Fasset has secured $68 million in funding led by SBI Group, achieving a valuation of $1 billion. The company reports an annualized trading volume exceeding $40 billion across 125 countries, with year-over-year revenue growth of approximately sixfold, and has been profitable for 12 consecutive months. Built on Arbitrum, Fasset operates its proprietary Layer 2 network, OWN, delivering stablecoin-settled cross-border payment services for institutional and individual clients. Additionally, it has partnered with SBI Remit to integrate with its remittance network spanning 200 countries.