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Fasset: Stablecoin platform aims to become a bank for people and AI.
Сryptocurrency
Fasset, a stablecoin-based financial platform valued at $1 billion in August,
aims to become a full-fledged bank within three years. The company’s CEO told Investing.com that the platform plans to serve not only human clients but also AI agents acting on their behalf.
When asked what the company would look like in three years, Mohammad Raafi Hossain, CEO and co-founder of Fasset, stated: "A bank, but not the kind you imagine, and not just a payment network."
According to Hossain, Fasset will operate on two levels. The first is a platform providing consumers and businesses with access to stable money, payments, investments, and asset ownership. Underlying this is its proprietary "Own Network," which connects banks, fintech companies, telecom operators, currencies, and markets.
What people underestimate, he says, is the level of intelligence involved. "The system we are building must work for the individual, but increasingly for the agent acting on their behalf—with intelligence embedded in the actual movement of money, liquidity, and assets."
"I wouldn't call Fasset just a payment company or even just a bank. The ambition is to become a financial operating system that connects how people earn, move, and own value globally," he noted.
In August, Fasset raised $68 million in a Series C round led by Japan’s SBI Group and reports processing over $40 billion in annual volume across 125 countries. Hossein emphasized that this volume is driven primarily by cross-border settlements between companies, followed by remittances, while speculative trading accounts for a small and shrinking share.
"These are real economic flows in the markets where we operate globally—from Japan and Los Angeles to Kenya and the broader African market: companies pay suppliers and counterparties, individuals transfer money across borders, and value moves between currencies and financial systems," Hossein added.
He also noted that the recent slowdown in the growth of dollar-pegged stablecoin supply does not necessarily signal a drop in demand; stablecoins are increasingly being used for payments rather than simply being held, and the future of the market lies in multi-currency capabilities.