Siam Commercial Bank Becomes First Thai Bank to Launch Stablecoin-Based Cross-Border Payments

Oct 17, 2024, 02:27 AM

Siam Commercial Bank (SCB), the fourth largest bank in Thailand, has launched stablecoin-based cross-border payments and remittance services, becoming the first bank in the country to adopt this technology. The new service allows customers to send and receive payments globally 24/7, without middlemen or downtime. This move is seen as a significant step for traditional banking's pivot towards cryptocurrency and decentralized finance (DeFi). The stablecoin-based service was tested in the Bank of Thailand’s digital asset sandbox, highlighting its potential to streamline remittance and reduce volatility in transactions. This service enables 24/7 global transfers.