staff reporter
,Thailand
Siam Commercial Bank announces cross-border payments using stablecoins
Stablecoins are used to settle payments and transfers.
Siam Commercial Bank (SCB) is collaborating with Lightnet to use stablecoins to settle cross-border payments and remittances.
SCB said in a press release posted on its website that this is the first time that stablecoins are used for cross-border payments and remittances in Thailand.
This service utilizes the Fireblocks platform. According to SCB, assets will be secured on the back end to ensure protection and trust between the parties.
The project successfully graduated from the Bank of Thailand (BOT) regulatory sandbox in October 2024.
The service reportedly reduces operational costs and eliminates the need for up-front financing between partners. Users can conduct transactions using their local currency and have 24/7 access to the service, improving reliability and availability.
Lightnet is a financial technology company that provides multi-asset global payments solutions with real-time payments capabilities powered by AI and blockchain technology. We have regional hubs in Singapore, Lithuania and Dubai.
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