SCB launches stablecoin service for efficient, cost-effective cross-border payments.
Partnership with Lightnet and Fireblocks drives SCB’s blockchain-based remittance service.
Stablecoin adoption rises, with over $2.6 trillion settled internationally in 2024, expanding eligibility.
In Thailand, Siam Commercial Bank (SCB) launched a new stablecoin service to streamline cross-border payments. This move is a significant development in Thailand’s financial market, with SCB aiming to offer a more efficient and affordable solution for international money transfers.
SCB’s stablecoin service will facilitate cross-border transactions by eliminating the need for pre-funding between partners. The bank says the service will allow clients to transact in local currencies and improve capital efficiency.
Partnerships and Testing
This stablecoin solution is the result of a partnership between SCB, Lightnet, and Fireblocks. Lightnet will focus on developing blockchain-based financial services for the unbanked, while Fireblocks will provide secure systems and digital asset management.
SCB noted that the project was successfully tested in the Bank of Thailand’s regu…
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