According to Cryptoslate, Siam Commercial Bank (SCB), the fourth largest bank in Thailand, has become the country's first financial institution to offer stablecoin-based cross-border payment and remittance services. The stablecoin remittance service will be provided in partnership with fintech company Lightnet. The move is designed to reduce transaction fees and provide faster international transfers for its customers. The stablecoin-based service will allow SCB customers to send and receive payments around the world 24 hours a day, 7 days a week. The service was trialed through the Bank of Thailand's digital asset sandbox to ensure that the system meets regulatory standards and has the flexibility to expand in the future.