Fasset, a stablecoin-based financial institution whose valuation reached $1 billion in August, plans to become a full-fledged banking institution within three years. In an interview with Investing.com, the organization’s CEO explained that the service is designed to interact not only with real users but also with artificial intelligence, which will carry out transactions on behalf of people.
Discussing the organization’s future three years from now, Fasset co-founder and CEO Mohammad Rafi Hossein described the project as more than just a typical payment system or a conventional bank.
Hossein explained that Fasset’s operations will be divided into two tiers. At the first tier, the platform will provide individuals and commercial organizations with the ability to use stablecoins, make payments, invest, and manage assets. The second level is the Own Network, which integrates financial technologies, banking institutions, telecommunications companies, various markets, and currencies.
According to the CEO, many people overlook the role of intelligent technologies. The system being developed is designed to work with people, but it must also support AI agents whose activities will be integrated into the processes of moving liquidity, assets, and funds.
Hossein emphasized that his goal is to create a financial operating system, not just a banking or payment service. Such a system should unify global processes for earning, transferring, and holding assets.
In August, the company raised $68 million in a Series C funding round led by Japan’s SBI Group. Fasset currently reports processing transactions totaling over $40 billion annually across 125 countries.
According to Hossein, the bulk of transactions consists of cross-border payments between legal entities, followed by money transfers, while the share of speculative transactions is small and continues to decline.
He added that these figures reflect real economic processes in various markets, particularly in Japan, Los Angeles, Kenya, and other African countries. In these regions, companies settle accounts with counterparties and suppliers, citizens make international transfers, and capital moves between financial systems and currencies.
It was also noted that the current slowdown in the growth rate of the supply of dollar-pegged stablecoins does not indicate a decline in interest in them. On the contrary, these assets are increasingly being used specifically for making payments, rather than just for saving, and the industry’s growth prospects are tied to the use of a wide variety of currencies.