Stablecoin Firm Fasset Targets Banking Status, AI Integration Within Three Years

Fasset, a financial platform powered by stablecoins, plans to become a bank within the next three years, with a forward-looking strategy that includes serving not only its human customers but also the artificial intelligence agents acting on their behalf. The company's CEO and co-founder, Mohammad Raafi Hossain, outlined the ambition in an interview with Investing.com, describing the goal as becoming a "financial operating system."

A Two-Layered Financial System

Hossain detailed a vision for Fasset that operates on two distinct layers. The first is a consumer- and business-facing platform for accessing stable money, payments, and investments. The second, an underlying "Own Network," is designed to connect traditional financial infrastructure, including banks, fintech firms, and global currency markets.

Crucially, Hossain emphasized an "intelligence layer" built on top of this system. "The system we are building has to work for that human, but increasingly for an agent acting on that human's behalf, with intelligence embedded into how money, liquidity, and assets actually move," he stated.

Business Metrics and Focus

Fasset currently processes more than $40 billion in annualized volume across 125 countries, according to the company. Hossain clarified that this volume is driven primarily by real-world use cases rather than speculative trading.

The main sources of this activity include:

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• Cross-border business settlements
• International remittances

The company, which was valued at $1 billion in August, raised $68 million in a Series C funding round during the same month, led by Japan's SBI Group. Hossain described the transactions on the platform as "real economic flows across markets we operate in globally."

Market Context

Addressing the broader stablecoin market, Hossain suggested that a recent flattening in the supply of dollar-pegged stablecoins does not necessarily indicate a slowdown in demand. He argued that it reflects a shift in their utility, with more users leveraging them for payments instead of just holding them as assets.

Hossain also commented that the future of the stablecoin market is likely to be multi-currency, moving beyond its current dominance by U.S. dollar-backed tokens.