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New stablecoin bank Fasset completes $51 million Series B funding
Deep Tide TechFlow News. On May 14, according to CoinDesk, Fasset, a stablecoin-driven digital bank headquartered in Los Angeles, announced the completion of a $51 million Series B funding round. Investors include Japan’s SBI Group, Investcorp, and Turkey’s asset management firm Arz Portföy. The valuation for this round was not disclosed.
Fasset leverages stablecoin technology to cover more than 50 payment channels across Asia, Africa, and the Middle East, serving more than 1,000 small and medium-sized enterprises in 125 countries, with an annualized transaction volume exceeding $32 billion. The company plans to use the funding from this round to expand into new markets, develop lending and trade finance products, and expand its proprietary stablecoin payment and custody infrastructure, “Own Network.” In addition, Fasset has recently partnered with Tether, the issuer of USDT, to launch a gold-backed digital debit card.