Los Angeles-headquartered fintech Fasset has raised $51 million in a Series B funding round backed by SBI Group, Investcorp, Arz Portföy, and strategic family offices. According to the company announcement, the proceeds will be used to expand its banking and payment infrastructure across Asia, Africa, and the Americas, while supporting new products focused on SME banking, lending and trade finance. The fundraising follows Fasset's partnership with Tether, issuer of the world's largest stablecoin, to develop what the company described as a gold-backed neobanking card and ATM network. CEO Mohammad Raafi Hossain stated that the company was focused on building financial infrastructure capable of supporting global money movement and SME financing.
Fasset has announced a groundbreaking partnership with Tether.io to introduce the world's first gold-backed Visa neobanking card, marking a significant milestone in digital gold adoption. As reported by Paklaunch UNConference'26, the initiative enables cardholders to spend USD at Visa-accepting merchants globally while earning up to 6% cashback in Tether Gold (XAU₮), bringing real-world utility and tangible value to everyday transactions. This development represents a major step forward for gold-backed stablecoins, moving beyond digital assets to physical payment solutions that integrate gold exposure into daily spending. The partnership was announced at the Paklaunch UNConference'26, where industry leaders gathered to discuss the future of finance and technology.
Fasset operates a stablecoin-based financial platform spanning more than 50 banking corridors and serves over 2 million wallets across 125 countries. The company has positioned itself as a compliance-focused fintech platform operating across multiple jurisdictions, including the UAE, Indonesia, Malaysia, Pakistan, Türkiye, and parts of Europe. According to the announcement, the company plans to accelerate development of its proprietary Own Network infrastructure, which supports stablecoin payments, custody and cross-border financial services. Financial firms and investors increasingly explore stablecoins and tokenized payment infrastructure as alternatives to traditional cross-border settlement systems, particularly in markets where banking services remain fragmented or expensive.
With gold prices surging amid escalating West Asia tensions, the Indian government has implemented significant policy measures to address mounting concerns over foreign exchange reserves. According to reports from Mint, the government raised customs duty on gold and silver to 15% from 6% to conserve forex for critical needs like energy and fertilisers. This decision comes after Prime Minister Narendra Modi urged citizens to avoid non-essential imports such as gold and foreign travel. India, the world's second-largest gold consumer after China, relies heavily on imports to meet jewellery demand, with gold imports rising over 24% to a record $71.98 billion in 2025-26, although import volumes fell 4.76% to 721.03 tonnes.
As reported by Mint, gold-backed stablecoins are suited for investors who want digital exposure to gold as a long-term store of value and can help preserve purchasing power in environments where fiat inflation or currency depreciation is a concern. They serve as a useful portfolio diversifier, offering a non-correlated hedge against more volatile assets like equities and crypto. Stablecoins, which are typically pegged to fiat currencies such as the U.S. dollar, have drawn growing interest from banks, fintech firms, and policymakers as blockchain-based payment systems move further into mainstream finance. The key distinction is that USD stablecoins optimize for transactional efficiency and market liquidity, while gold-backed tokens serve as a macro hedge and long-term store of value.
