NEWS | Fasset, a stablecoin based digital banking platform, has raised 68 million dollars in new funding led by Japan's SBI Group, pushing its valuation to 1 billion dollars. That is just three months after its previous funding round, and brings Fasset's total raised this year alone to 119 million dollars.
Fasset lets people and businesses hold, move, and spend money across currencies through stablecoins instead of relying only on traditional bank transfers. The company already processes more than 40 billion dollars a year in transactions, serves over 3 million users, and works with more than 1,000 businesses across 125 countries. SBI's backing also gives Fasset access to roughly 470,000 physical remittance locations worldwide through SBI's existing network.
BMN sees this as a sign traditional banks are quietly losing ground in cross border money movement. SBI is one of Japan's biggest financial groups, and its choice to lean further into a stablecoin platform instead of building this capability in house says a lot about where big finance thinks the next generation of banking infrastructure is headed.
That shift matters most for anyone who has ever paid painful fees just to send money across countries. If platforms like this actually deliver on cheaper, faster transfers, traditional remittance services could start losing customers fast.
So if a major bank is choosing to back a stablecoin platform instead of competing with it, what does that say about how much longer old school cross border banking has left?
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