Siam Commercial Bank has introduced Thailand’s first stablecoin-based cross-border payment system.
The bank will partner with SCB 10X and Lightnet to use stablecoins (digital assets pegged to gold or the US dollar) to facilitate faster and more efficient international transactions, according to a company release.
The solution is built on a public blockchain network, and Fireblocks provides top-of-the-line custody technology to ensure the security of your assets. The new payment system will enable 24/7 cross-border transactions, reduce the need for banks to maintain pre-funded accounts with foreign partners, improve capital efficiency and reduce operating costs.
According to the Nikkei Shimbun, the service provides customers with a faster, more cost-effective way to send and receive funds internationally by eliminating layers of payment and currency conversion. Users can transact using their local currency, further simplifying the process.
Thailand regulatory sandbox
In August, Thailand’s financial regulator launched a digital asset regulatory sandbox to facilitate the adoption of cryptocurrencies in the country. The initiative, supported by a public hearing in May, allows participants to test crypto services under flexible regulations to support the development of Thailand’s digital asset market.
According to the release, the SCB stablecoin project successfully graduated from the Bank of Thailand’s regulatory sandbox in October 2024 and is now fully commercialized. This sets a new standard in the use of blockchain technology in the financial sector and strengthens SCB’s position as a leader in digital banking.
