Stablecoin neobank Fasset raises $51 million in Series B funding

Techub News, according to CoinDesk, stablecoin neobank Fasset announced the completion of a $51 million Series B funding round, with participation from Japan's SBI Group, Investcorp, and Turkey's Arz Portföy. The company uses stablecoins to process cross-border fund transfers across over 50 payment channels, with an annualized transaction volume exceeding $32 billion, serving more than 1,000 small and medium-sized enterprises in 125 countries. The company plans to use the funds to expand into new markets, develop lending and trade finance products for SMEs, and advance its proprietary "Own Network" stablecoin payment infrastructure. Fasset has also recently partnered with Tether to launch a gold-backed neobank debit card, aiming to reduce cross-border payment costs through blockchain technology.