A Los Angeles-headquartered stablecoin banking platform, Fasset, has reached unicorn status after completing a $68 million investment round led by Japan’s SBI Group, valuing the company at $1 billion.

The latest financing comes less than four months after Fasset’s Series B round. In a post on X, the company said it had raised an additional $68 million in Series C funding led by SBI Group, bringing its total funding in 2026 to $119 million. Fasset also said the investment will support the expansion of its OWN Network.

This latest capital injection follows a $51 million fundraise in May, bringing Fasset’s total funding for 2026 to $119 million.

Stablecoin Infrastructure Supports Expansion

Fasset’s platform allows both individuals and enterprises to manage, transfer, use, and invest across multiple currencies and digital assets. Stablecoins underpin the settlement layer behind the user interface, functioning even when customers are not directly interacting with crypto.

Chief Executive Mohammad Raafi Hossain said revenue has increased by roughly six times compared with the previous year. The company said it has remained profitable for the past 12 months, although it did not disclose specific financial figures.

Fasset said its main revenue streams include institutional and consumer-facing operations, including stablecoin-based payments and settlement services. It is also generating additional revenue from card products and banking account offerings.

The platform operates in 125 countries and processes more than $40 billion in annual transaction volume, giving its expansion plans a broader reach across markets where cross-border payments and digital asset settlement are increasingly being tested by regulated providers.

Technically, Fasset runs on OWN Network, a proprietary AI-enhanced Ethereum Layer 2 built on Arbitrum technology. The infrastructure connects financial institutions, telecommunications providers, payment processors, and liquidity sources across more than 100 banking channels.

Users can interact with stablecoins at different points across the platform, moving between traditional banking services, payment products, or alternative assets while stablecoins handle the underlying settlement process.

SBI Partnership Expands Distribution Reach

The investment strengthens Fasset’s ties to SBI Group, a major Japanese financial conglomerate with a long track record in digital assets. SBI has previously backed companies including Ripple, Circle, and decentralized finance platform Morpho. The group also owns cryptocurrency liquidity provider B2C2.

Fasset is already working with SBI Remit, which has a distribution network of approximately 470,000 payout locations and bank account transfer coverage reaching nearly 200 countries.

The two companies said they plan to build additional payment channels across Japan, Asia, and developing markets, although they did not disclose specific products or corridors.

Fasset holds regulatory licenses in the UAE, the European Union, and select Asian jurisdictions. The company said its Shariah compliance provides an advantage in Middle Eastern and Southeast Asian markets.

Through a partnership with Tether, Fasset also offers a gold-backed Visa card product. Cardholders can spend stablecoins such as USDT while earning rewards in Tether’s gold-backed token, XAUt.

Proceeds from the funding round will be used to expand OWN Network, develop lending and trade finance features, and advance Fasset’s artificial intelligence systems that optimize transaction routing based on cost, speed, and accessibility.

Although Fasset and SBI have not announced specific corridors or joint offerings, both companies said they intend to combine Fasset’s technology platform with SBI’s regulatory capabilities and financial network.