PANews reported on May 14 that Fastet, a new stablecoin-driven bank, has completed a $51 million Series B funding round, with participation from 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".

Fasset, headquartered in Los Angeles, currently operates over 50 payment gateways across Asia, Africa, and the Middle East, utilizing stablecoins for cross-border transfers. The company claims its platform covers 125 countries, serves over 1,000 small and medium-sized enterprises, and has an annualized transaction volume exceeding $32 billion.

In addition, Fastet had previously partnered with Tether to launch a new gold-backed bank card product pegged to tokenized assets.