Stablecoin bank Fastet completes $51 million Series B funding round, with SBI Group and others participating.

CoinFeed reported on May 14th that Fasset, a new bank powered by stablecoins, has completed a $51 million Series B funding round. Participants included Japan's SBI Group, Investcorp, and Turkish asset management firm Arz Portföy. The specific valuation was not disclosed. Fasset stated that the new funds will be used to expand into more markets, develop lending and trade finance products for SMEs, and expand its stablecoin payment and custody infrastructure, "Own Network." Headquartered in Los Angeles, Fasset currently operates over 50 payment channels in Asia, Africa, and the Middle East, utilizing stablecoins for cross-border transfers. The company claims its platform covers 125 countries, serves over 1,000 SMEs, and has an annualized transaction volume exceeding $32 billion.