Stablecoin bank Fasset completes $68 million financing with a valuation of $1 billion, led by SBI Group

According to CoinDesk, the new stablecoin bank Fasset has raised $68 million in funding led by the SBI Group, with a valuation of $1 billion. The company's annual trading volume exceeds $40 billion, covering 125 countries, with revenue growing approximately six times year-on-year, and it has been profitable for 12 consecutive months.

Fasset has built a proprietary Layer 2 network called OWN based on Arbitrum, providing cross-border payment services for stablecoin settlements to institutions and individuals, and has partnered with SBI Remit to access its remittance network covering 200 countries.