HedgeCo.Net — Fasset, a stablecoin-based digital banking platform, raised $68 million in a Series C led by Japan’s SBI Group that the company said valued it at $1 billion. Khaleej Times, publishing Monday from the announcement, put the same $68 million, the same SBI lead, and the same $1 billion private mark, and said 2026 fundraising now totals $119 million after a $51 million Series B in May. Crypto.news independently reported the same $68 million Series C, SBI lead, $1 billion private valuation, and $119 million 2026 total. That $1 billion is a private round mark. It is not a public-market capitalization.
The company did not disclose the equity stake sold or a full cap table for the Series C. Crypto.news said early investor Speedinvest and other strategic investors participated, and that Speedinvest’s portfolio list identifies the round as a $68 million Series C led by SBI. Treat $68 million as the cash raised this round and $51 million as the prior 2026 Series B. Do not add those two checks into a single close.
SBI is a repeat. The May Series B already included SBI, Investcorp, and Arz Portföy, per crypto.news. Monday’s print deepens that relationship. Yoshitaka Kitao of SBI Holdings, quoted by Khaleej Times, framed Fasset as a financial bridge between Japan and high-growth markets. That is a quote, not a corridor count. Company-level claims of more than $40 billion of annualized transaction volume and twelve months of profitability sit in the announcement. They are not a second-source audit.
This is a priced crypto-fintech Series C, not an ETF creation and not a token listing. Allocators should mark SBI as the lead, $68 million as the check, and $1 billion as the private valuation the buyers accepted. Do not recast a stablecoin neobank raise as a spot-bitcoin flow, and do not treat $119 million of 2026 fundraising as if it sat in one vehicle.
The diligence is regulation and rails, not the unicorn label. A $1 billion mark in a private transaction tells you what SBI paid for a slice. It does not tell you who can hold the paper, which corridors are licensed, or what happens to settlement when a stablecoin de-pegs. The scarce object is a licensed corridor, not a headline valuation.