Hassan Maishera
TL;DR
-
Thailand’s SCB has launched its stablecoin cross-border payment services.
-
The bank said the service has been “fully commercialized” after graduating from the central bank’s regulatory sandbox.
SCB Launches its Stablecoin-based International Payment Services
The Siam Commercial Bank, a leading commercial bank in Thailand, announced the launch of its stablecoin-based cross-border payment services. According to the bank, this service is the first in Thailand to use stablecoins for cross-border remittances in the traditional financial industry.
In its press release on Wednesday, the SCB added that it collaborated with Lightnet and Fireblocks to address infrastructure and custody needs. The stablecoin payment project participated in the Bank of Thailand’s regulatory sandbox and is now fully commercialized.
According to the bank, the new service improves capital efficiency by removing the need for pre-funding between partners, lowering operational costs, and enabling clients to transact in local currencies.
While commenting on this latest development, Tridbodi Arunanondchai, CEO of Lightnet, said,
“This solution will provide significant improvements to customers’ experience in cross-border money transfer, lower transaction time and cost, and make it accessible on a 24/7 basis. This project also promotes financial inclusion as there is a lower capital requirement per transaction.”
Stablecoins continue to gain adoption within the cryptocurrency ecosystem and beyond. Tether’s USDT leads the way, with a market cap of $119 billion. In second place is Circle’s USDC, with a $34 billion market cap.
