Fasset, a stablecoin-focused neobank, has reached a $1 billion valuation after raising $68 million in a Series C funding round led by Japan's SBI Group, as the company accelerates its push into cross-border payments and settlement.

The latest round brings Fasset's total fundraising for 2026 to $119 million. The company said its revenue has grown six-fold as demand for stablecoin-based payments and settlement services has expanded.

Fasset, which operates across more than 125 countries and serves more than 2 million wallets, is positioning stablecoins as the infrastructure for faster international money movement. Its network connects more than 50 banking and payment corridors across 16 blockchain networks. Stablecoins — digital tokens pegged to fiat currencies such as the U.S. dollar — were long used mainly inside crypto trading, and their shift into payments targets a long-standing pain point: World Bank data puts the average cost of sending a $200 remittance at around 6%, roughly double a United Nations target of 3% by 2030.

SBI has already invested strategically in Fasset, and through SBI Remit it agreed to work with the company on stablecoin-powered international remittance infrastructure. The partnership is targeting remittances, SME payments, treasury operations, and stablecoin-linked payment products. SBI Group, one of Japan's largest online financial groups, has been among the country's most active institutional investors in digital assets, operating a crypto exchange and holding blockchain-related stakes, while Japan has had a formal regulatory framework for stablecoins in place since its revised Payment Services Act took effect in 2023.

The deal highlights growing institutional interest in stablecoins beyond crypto trading, with financial firms increasingly looking to on-chain dollars and other digital assets to reduce settlement costs and speed up cross-border payments. Total stablecoin value in circulation has grown into the hundreds of billions of dollars, and major payment companies have built on the rails: Visa has used the stablecoin USDC to settle some transactions, PayPal launched its PYUSD token, and Stripe acquired stablecoin infrastructure firm Bridge, while the U.S. GENIUS Act, signed into law in July 2025, established a federal regulatory framework for payment stablecoins.

For Fasset, the challenge will be turning its growing transaction network and institutional backing into a durable payments business across emerging markets. Open questions include how quickly regulators in its key corridors approve stablecoin settlement at scale, whether banks move from pilots to routine on-chain treasury flows, and how the neobank competes as incumbent payment networks and fintechs expand rival stablecoin offerings.