Overview
- SBI Remit and Fasset signed a memorandum of understanding on June 18, 2026 to jointly develop stablecoin-based payment rails for remittances, business payments, and treasury settlement.
- The deal follows SBI Holdings’ strategic investment in Fasset in May 2026 and formalizes a commercial link that the companies say will support joint product development and regulatory engagement.
- Fasset says its Own Network spans more than 50 banking corridors and 16 blockchain networks and processes about US$32 billion in annualized volume across over two million wallets, metrics the firms plan to use for routing stablecoin settlements.
- The partners described planned products that could use the new rails, including stablecoin debit cards, wallet integrations, cash-to-agent payout services, and tools for savings, investing, and corporate treasury, and they framed these offerings as future, unlaunched initiatives.
- If deployed, the stablecoin rails could cut settlement times and fees by reducing reliance on correspondent banking and could widen low-cost payout options for migrant workers and small businesses in Asia, the Middle East, and Africa, but neither firm has given a public rollout timetable.