SCB Launches Stablecoin Service for Cross-Border Payments in Thailand
- 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…
The post SCB Launches Stablecoin Service for Cross-Border Payments in Thailand appeared first on Coin Edition.
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SCB Launches Stablecoin Service for Cross-Border Payments in Thailand
- 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…
The post SCB Launches Stablecoin Service for Cross-Border Payments in Thailand appeared first on Coin Edition.
Read More
Independent Auditors Confirm 1:1 Backing for First Digital’s FDUSD