The Los Angeles stablecoin neobank now processes $40 billion in annualised volume across 125 countries, and Japan's SBI Group led the round to plug into it.
Fasset closed a $68 million Series C led by Japan's SBI Group this week, taking the stablecoin-focused neobank to a $1 billion valuation and formally into unicorn territory. The round is the second Fasset has raised this year — a $51 million top-up landed in May — and pushes its 2026 fundraising to $119 million.
That trajectory is the interesting number, not the valuation. Fasset says revenue has grown roughly sixfold over the past year and the company has been profitable for twelve consecutive months. Neobanks reaching unicorn status while running in the black is unusual enough on its own; a crypto-native neobank doing it during a stretch when most of the sector is cutting headcount is rarer still.
The company processes $40 billion in annualised transaction volume through what it calls Own Network, its regulated settlement rails connecting banks, payment providers and liquidity venues across more than 100 banking corridors. Three million wallets and over a thousand enterprise clients sit on top of that infrastructure, spread across 125 countries — the bulk of them emerging markets where dollar access is expensive and slow. Stablecoins solve both problems, and Fasset's pitch is essentially that it has built the compliance perimeter to sell that solution to institutions rather than crypto natives.
SBI's involvement matters more than the headline figure suggests. The Tokyo financial group has been quietly assembling a crypto portfolio for the better part of a decade, taking positions in Ripple, Circle and a string of Asian exchanges long before institutional capital was fashionable. It backed hardware wallet maker Tangem in 2019 with $15 million from SBI Crypto Investment, a wholly owned subsidiary. A Series C lead from SBI signals that Fasset has been vetted against the group's existing stablecoin and payments infrastructure and found compatible — a due-diligence bar that most fintech rounds do not clear.
The capital is earmarked for Own Network expansion and for AI systems handling corridor banking, stablecoin settlement and tokenised assets. That last phrase is doing a lot of work. Tokenised real-world assets remain a category defined more by press releases than by trading volume, and Fasset has not detailed which asset classes it intends to onboard first. The corridor expansion is more concrete: growing from 100 to a materially larger number of routes is what determines whether the $40 billion annualised figure keeps compounding or plateaus.
The competitive frame is worth naming. Fasset is not the only company chasing regulated stablecoin infrastructure, and the field has changed considerably in the past year. Stripe, Visa and over 140 partners announced a shared stablecoin project in June, targeting the same cross-border rails Fasset already runs. Circle and Tether are each building dedicated blockchains for dollar settlement, having collectively deployed north of a billion dollars into that push. What Fasset has that the others do not is a stack that is already live in the corridors where crypto rails compete most directly with correspondent banking — the Middle East, Southeast Asia, and parts of Latin America — and revenue proving that customers will pay for it.
Unicorn status in crypto has meant different things in different cycles. In 2021 it usually meant a token launch was imminent and a venture round had been priced off a fully diluted valuation nobody expected to defend. In 2026 it is closer to what the word originally implied: a private company generating real revenue at a scale that would justify a public listing. Fasset's numbers point at the latter, though the company has not said anything about IPO timing and SBI's cheque suggests it does not need to.
The broader signal is that stablecoin infrastructure has become a segment institutional capital wants direct exposure to, not just via the issuers. USDC and USDT print the tokens; Fasset, Fireblocks and a handful of others own the plumbing that moves them between banks and consumers. SBI already backs one side of that trade. It has now bought a stake in the other.
Fasset says the fresh capital funds a two-year runway of expansion. Whether the next twelve months bring the same six-times revenue jump will decide whether the $1 billion sticker holds when the company next raises.
