Thailand Bank Launches a Stablecoin Service for International Payments

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The Siam Commercial Bank (SCB), a leading Thai financial institution, has introduced stablecoin-based cross-border payment services for its clients. SCB claims this is a groundbreaking development, marking Thailand’s first use of stablecoins for international remittances within the traditional banking sector.

In partnership with Lightnet and Fireblocks, SCB has successfully commercialized this innovative service, which was initially tested within the Bank of Thailand’s regulatory sandbox.

The new solution leverages stablecoins to enhance capital efficiency by eliminating the need for pre-funding between partners, reducing operational costs, and enabling transactions in local currencies.

Tridbodi Arunanondchai, CEO of Lightnet, emphasized the significant benefits of this initiative. He stated that the stablecoin-based solution offers customers a superior cross-border money transfer experience, characterized by faster transaction times, lower costs, and 24/7 accessibility.