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 regulatory sandbox.

Benefits of Stablecoin-Based Payments

By removing pre-funding requirements, the service will reduce operational costs, making international transfers more affordable. The service will be available 24/7, providing greater customer convenience.

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Tridbodi Arunanondchai, CEO of Lightnet, noted that the service will expand financial availability by lowering the capital requirements for each transaction, enabling a broader range of customers to benefit from the platform.

Growing Stablecoin Adoption

The launch of SCB’s stablecoin service coincides with the growing use of stablecoins, especially for crypto trading. Industry observer Nicholas Wenzel points out that everyday consumers are also using stablecoins for payments and remittances.

Over $2.6 trillion was settled through stablecoin transactions in 2024, demonstrating their growing role in global payments.

Source: Nicholas Wenzel

A comparison of crypto trading volumes and stablecoin transactions from 2017 to 2024 shows a clear trend: While crypto trading volumes have declined since 2021, the number of stablecoin addresses sending transactions has steadily increased, reaching over 20 million in 2024.