SBI leads $68M Fasset round at $1B valuation

SBI's lead role signals that established financial groups, not just crypto-native funds, are now anchoring RWA and stablecoin infrastructure bets — and the Malaysia digital bank angle ties tokenized payments to a licensed banking footprint rather than a standalone crypto product. Fasset's focus on stablecoin payments in emerging markets puts it in direct competition with other regional players chasing the same remittance and settlement corridors. The open question is whether the digital bank license materializes on schedule and whether stablecoin payment volumes, not just valuation, follow the capital.