Siam Commercial Bank (SCB) has launched Thailand's first cross-border payment system using stablecoins, achieved through collaboration with SCB 10X. The solution, developed with Lightnet, aims to simplify and expedite cross-border transactions using stablecoins and public blockchain technology.

Innovative Payment System

SCB states that this innovation marks a significant step towards modernizing cross-border payments. By utilizing stablecoins tethered to the US dollar or gold, the system aims to make cross-border transactions faster, more efficient, and cost-effective. Available 24/7, it allows customers to send and receive payments at their convenience, providing more flexibility compared to traditional banking hours.

Security and Collaboration

Security is a crucial aspect of this new payment solution, with digital asset custody provided by Fireblocks. Employing Fireblocks' custody technology ensures asset security, reducing the risk of theft or loss.

Digital Asset Innovation and Regulation

The project is among the first to complete the regulatory incubation program of the Bank of Thailand, ending in October 2024. The program allows financial institutions to experiment with new financial solutions and products within a legal framework, opening new opportunities for financial innovations in Thailand’s digital asset market.

SCB's stablecoin project marks a significant step towards the integration of blockchain technology into the traditional banking sector. The successful launch for retail users has set the stage for providing similar benefits to corporate clients, promoting the digitization of financial services in Thailand.