Fasset, a Dubai based stablecoin neobank, has raised $68 million in a Series C round led by Japan’s SBI Group, pushing its valuation to $1 billion and making it the latest fintech to reach unicorn status on the strength of stablecoin infrastructure rather than trading volume alone.
The round is Fasset’s third since early 2026 and brings its total raised this year to $119 million. The company says it now processes more than $40 billion in annualized transaction volume across 3 million wallets and 1,000 enterprise clients in 125 countries, built around what it calls corridor banking: using stablecoins to move money between markets with weak currency or banking infrastructure. SBI Holdings chief executive Yoshitaka Kitao said Fasset “can serve as an important financial bridge connecting Japan with high-growth markets around the world,” a framing that signals traditional Japanese finance is now underwriting stablecoin rails directly rather than treating them as a crypto side bet.
That is the real signal in this round. Stablecoin neobanks used to raise money by pitching crypto adoption curves. Fasset raised money by pitching corridor banking economics, and a conservative Japanese financial group wrote the lead check. It follows a bank-chartered stablecoin’s debut on Kraken earlier this month and extends a pattern in which stablecoin infrastructure keeps consolidating around regulated, bank-adjacent players rather than crypto native exchanges, a shift FinTech has tracked through 2026. For banks and payment companies still watching from the sidelines, the message is that stablecoin settlement is no longer a speculative product line. It is infrastructure that a top tier institutional investor is now willing to price at unicorn valuations, and the capital backing it is increasingly coming from banks rather than crypto funds.
Source: Fasset
