TechFlow News, May 14: According to CoinDesk, Fasset—a Los Angeles-based, stablecoin-driven digital bank—has announced the completion of a $51 million Series B funding round. Investors include Japan’s SBI Group, Investcorp, and Turkish asset management firm Arz Portföy. The valuation for this round was not disclosed.
Leveraging stablecoin technology, Fasset operates over 50 payment corridors across Asia, Africa, and the Middle East, serving more than 1,000 SMEs across 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 bank card.
