According to CoinDesk, the new stablecoin bank Fasset has raised $68 million in funding led by the SBI Group, with a valuation of $1 billion. The company’s annual trading volume exceeds $40 billion, covering 125 countries, with revenue growing approximately sixfold year-on-year, and it has been profitable for 12 consecutive months.

Fasset has built a proprietary Layer 2 network OWN based on Arbitrum, providing cross-border payment services for stablecoin settlements for institutions and individuals, and has partnered with SBI Remit to access its remittance network covering 200 countries.