Siam Commercial Bank (SCB), Thailand, has become the first financial institution in the country to offer stablecoin-based cross-border payments and remittance services, reducing transaction fees and providing faster international transfers for clients.

SCB customers can now send and receive payments globally 24/7, thanks to a stablecoin remittance service offered in collaboration with fintech firm Lightnet. The system was trialed through the Bank of Thailand’s digital assets sandbox to ensure regulatory standards are met.

SCB’s adoption of stablecoin payments underscores the importance of blockchain technology in reshaping global finance, particularly in regions with inadequate traditional banking systems.

This move is anticipated to advance Thailand’s digital economy, establishing SCB as a leader in financial services.

Stablecoin Adoption Surge

Stablecoins have become a critical tool for cross-border payments globally, especially in regions with unstable currencies or high remittance costs, as per Chainalysis’ latest report. They play a significant role in Sub-Saharan Africa, with Nigeria emerging as a top adopter of stablecoins.

Despite some concerns about crypto-dollarization, stablecoin usage is expected to increase over the next year, driven by efficiency, speed, and accessibility in various financial transactions.

Mentioned in this article