ChainCatcher report: Fasset, a Los Angeles-based digital bank powered by stablecoins, has announced the completion of a $510 million Series B funding round, with investors including Japan’s SBI Group, Investcorp, and Turkish asset management firm Arz Portföy. The valuation for this round was not disclosed. Fasset leverages stablecoin technology to support over 50 payment channels across Asia, Africa, and the Middle East, serving more than 1,000 small and medium-sized enterprises in 125 countries, with an annualized transaction volume exceeding $32 billion. The company plans to use the proceeds from this round to expand into new markets, develop lending and trade finance products, and scale its proprietary stablecoin payment and custody infrastructure, “Own Network.” Additionally, Fasset recently partnered with Tether, the issuer of USDT, to launch a gold-backed digital debit card.
Stablecoin-driven digital bank Fasset closes $51M Series B round
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Summary
Fasset, a digital asset news-focused, stablecoin-driven digital bank, has closed a $51 million Series B round led by SBI Group, Investcorp, and Arz Portföy. Headquartered in Los Angeles, Fasset serves over 1,000 SMEs across 125 countries, with an annualized transaction volume of $32 billion. The funds will be used to expand into new markets, develop loan products, and scale its stablecoin infrastructure, Own Network. The company recently partnered with Tether to launch a gold-backed digital bank card. Digital collectibles news remains a key focus area as Fasset advances its payment solutions.
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