SCB’s Stablecoin Initiative for International Payments
Thailand’s Siam Commercial Bank (SCB) has launched a stablecoin-based cross-border payment service, making it the first Thai bank to use stablecoins in traditional finance. SCB partnered with Fireblocks and Lightnet to ensure a secure and efficient payment process, having passed regulatory requirements set by the Bank of Thailand.Improving Transaction Efficiency
The service aims to reduce costs and eliminate the need for pre-funded accounts, enabling seamless cross-border transactions. Customers can now access 24/7 transaction capabilities, a key benefit highlighted by Lightnet CEO Tridbodi Arunanondchai, who noted the potential to enhance financial inclusion by lowering operational costs.Growing Stablecoin Usage in Mainstream Banking
Fireblocks CEO Michael Shaulov emphasized that the project sets a precedent for stablecoin adoption in traditional banking, reflecting a broader trend as stablecoins become increasingly integral to financial systems worldwide. According to research firm Bernstein, the stablecoin supply is nearing an all-time high of $180 billion, underlining their growing importance.Read The Full Article On: The Block
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