Fasset

Fasset is a stablecoin-focused digital bank and neobanking platform founded in 2019 that provides digital asset, payment, investment, and banking services through regulated entities and partners. It operates from the United Arab Emirates while serving individuals, businesses, and institutions across multiple markets, using stablecoin and tokenized-asset infrastructure to support multi-currency accounts, cross-border payments, and investment access in emerging markets across Asia, Africa, the Middle East, and other regions.^{[4][2][12][3]}

Overview

Fasset is a financial technology platform founded in 2019 that combines stablecoin-based banking, payments, investment, and spending services for individuals, businesses, and institutions. Its platform provides multi-currency accounts, cross-border transfers, settlement services, a global debit card, and access to assets including crypto, stocks, funds, and commodities, while its Own Network infrastructure connects banking, payments, liquidity, custody, and settlement services across markets. Fasset operates across more than 125 countries, with a focus on markets in Asia, Africa, the Middle East, and other emerging regions, and uses stablecoins and blockchain-based infrastructure to facilitate cross-border financial activity. The company also provides business and institutional products, including APIs, business banking, and OTC services, alongside its consumer-facing application.^[4][2]

History

Fasset was founded in 2019 by Mohammad Raafi Hossain and Daniel Ahmed as a digital asset and neobanking platform focused on financial inclusion in emerging markets. The founders positioned Fasset as an American-founded, stablecoin-powered banking and investment service designed to give underserved users access to multi-currency accounts, payments, and investing via tokenized assets such as stocks, gold, funds, and commodities.^{[12][8][13][14]}

From its base in the United Arab Emirates, Fasset expanded across Asia, Africa, the Gulf Cooperation Council region, Europe, and other international markets, emphasizing stablecoin settlement and tokenized-asset infrastructure as alternatives to traditional correspondent banking. The company describes operating across 125 countries with a focus on emerging markets such as those along the Morocco-to-Malaysia corridor, offering interest-free digital banking and regulated access to tokenized assets through its Own Network infrastructure.^[4][11][14]

By 2026, Fasset reported having raised more than $150 million in funding across multiple rounds and processing more than $40 billion in annualized transaction volume. Over the same period it stated that it served more than 3 million wallets and over 1,000 enterprises across 125 countries, using its OWN Network infrastructure to connect banks, telecommunications companies, payment firms, and liquidity providers to stablecoin-based settlement rails.^[12][2]

Products

Fasset Card

Fasset Card is a virtual crypto-backed payment card that allows users to spend stablecoins, particularly USDT, through the Visa network for online and in-store purchases. Users can top up the card with USDT, add it to Apple Pay or Google Pay, and make payments at participating merchants, with the underlying crypto balance converted into the relevant local currency during transactions. The card includes features such as real-time transaction notifications, encrypted payments, fraud monitoring, and the ability to freeze or unfreeze the card, while Fasset also offers OWN Points for spending and a launch-period waiver of transaction fees. The card is integrated with Fasset's broader stablecoin-based financial platform and is intended to provide a spending mechanism for users holding digital assets without requiring manual conversion before each purchase.^[5][6]

Fasset x Tether Card

Fasset x Tether Card is a Visa-linked payment card developed by Fasset and Tether that allows users to spend USD while receiving rewards in Tether Gold (XAU₮). The card offers up to 6% cashback on eligible purchases, with rewards credited to the user's Fasset wallet in XAU₮, a token representing one troy ounce of gold held against London Good Delivery bars. It also includes an automatic round-up feature that invests the difference between a purchase amount and the next whole dollar into XAU₮, allowing users to accumulate tokenized gold through everyday transactions.

Announced in April 2026, the card integrates Fasset's wallet and payment infrastructure with Tether's XAU₮ ecosystem and is intended to expand the use of tokenized gold beyond investment and trading applications. Tether committed up to $1 million in XAU₮ to fund the card's rewards program, while Fasset provides the payment and off-ramp infrastructure for spending at Visa merchants. The card is available in 125 countries, with the broader offering also including access to gold conversion and redemption through designated physical gold facilities in Dubai, Istanbul, and Jakarta.^[7][8]

Business Banking

Fasset Business Banking is a financial technology platform designed for companies that receive and make international payments, providing USD, EUR, and GBP business accounts through which they can receive client payments via ACH, wire, SEPA, or Faster Payments. The platform also includes corporate Visa cards for employee spending and a contractor payroll feature that allows businesses to upload a payment run, approve it once, and distribute payments through local rails across multiple countries. The platform also includes a treasury feature that allows businesses to allocate excess funds to a profit-sharing pool of screened, asset-backed instruments described as Shariah-compliant, with indicative returns that are not guaranteed and can be withdrawn on business days. Fasset Business is a financial technology platform rather than a bank, with banking, payment, and card services provided by licensed third-party institutions; as of 2026, the product was onboarding pilot teams into a private beta.^[9]

OTC Desk

Fasset OTC is an over-the-counter digital asset trading desk designed for institutional and high-volume traders executing large cryptocurrency transactions. It supports trades across more than 20 digital assets, with order sizes ranging from approximately $50,000 to $100 million, and provides live quotes that are refreshed regularly before execution. Users can request a quote based on either token quantity or fiat value, review and confirm an all-inclusive execution price, and then settle the transaction with proceeds sent to a bank account or crypto wallet. The service includes dedicated relationship-manager support, requires KYC before trading, and is described by Fasset as operating through licensed entities across multiple jurisdictions, with onboarding and trading access available after account approval.^[10]

Funding

Series B

Fasset raised $51 million in a Series B funding round announced in May 2026, with participation from SBI Group, Investcorp, Arz Portföy, and other investors. The company said the funding would be used to expand Own Network, its AI-enabled financial infrastructure connecting banks, payment companies, telecommunications providers, on

• and off-ramp partners, and financial institutions across emerging markets, particularly along the Morocco-to-Malaysia corridor and beyond. The round was intended to support Fasset’s development of stablecoin and tokenized real-world asset infrastructure and expand its financial services across multiple markets.^[11]

Series C

Fasset raised $68 million in a Series C funding round announced in August 2026 at a $1 billion valuation, with SBI Group leading the round. The financing followed Fasset’s $51 million Series B, announced in May 2026, and brought the company’s total funding raised in 2026 to $119 million. Fasset said the new capital would be used to expand Own Network, its regulated financial infrastructure connecting banks, telecommunications companies, payment and liquidity providers, and other financial institutions across international markets, while increasing investment in AI-enabled systems for cross-border banking, stablecoin settlement, and tokenized asset infrastructure.^[12]

Partnerships

Fasset entered a strategic partnership with SBI Remit, the international money transfer subsidiary of SBI Holdings, to develop next-generation cross-border remittance infrastructure. Under the collaboration, Fasset’s stablecoin-based settlement rails are intended to interoperate with SBI Remit’s global payout network, which includes cash and bank transfer access to around 200 countries and hundreds of thousands of locations, in order to improve the speed and cost-efficiency of remittances between Japan, Asia, and other emerging markets.^{[13][15][2][12]}

Fasset also partnered with Tether to launch what the companies described as the first gold-backed Visa neobanking card and a network of gold-dispensing ATMs using Tether Gold (XAU₮). Through this collaboration, Fasset provides the wallet, card, and off-ramp infrastructure, while Tether supplies XAU₮, a token backed by physical gold, enabling users to spend in fiat while earning or holding tokenized gold and to convert balances into redeemable gold via designated locations.^[7][8]

In addition, Fasset partnered with Musaffa to expand regulated, tokenized halal investing by combining Musaffa’s Shariah-compliant screening, research, and advisory capabilities with Fasset’s tokenization and distribution rails. The partnership is intended to allow users in Fasset-supported markets to access tokenized versions of screened halal assets, such as equities and other instruments, within a framework described as meeting both regulatory requirements and Islamic finance principles.^[14]