🌎 Thailand’s First Stablecoin Cross-Border Payment System Launched

Siam Commercial Bank has introduced Thailand’s first stablecoin-powered cross-border payment system. Partnering with SCB 10X and Lightnet, the bank will utilize stablecoins—digital assets pegged to gold or the U.S. dollar—to facilitate faster, more efficient international transactions.

This innovative solution is built on a public blockchain network, with Fireblocks providing top-tier custody technology to ensure asset security. The new payment system enables 24/7 cross-border transactions, reducing the need for banks to maintain pre-funded accounts with foreign partners. This approach improves capital efficiency and lowers operational costs.

Benefits of the New Payment System

By eliminating layers of clearance and currency conversion, the service offers customers a faster, cost-effective way to send and receive funds internationally. Users can transact using local currencies, further simplifying the process.

Thailand’s Regulatory Sandbox

In August, Thai financial regulators launched a Digital Asset Regulatory Sandbox to encourage crypto adoption in the country. This initiative, backed by a public hearing in May, allowed participants to test crypto services under flexible regulations to help develop Thailand’s digital asset market.

This SCB stablecoin project successfully graduated from the Bank of Thailand’s regulatory sandbox in October 2024 and is now fully commercialized. It sets a new standard for the use of blockchain technology in the financial sector and strengthens SCB’s position as a leader in digital banking.

Key Takeaways

The introduction of this stablecoin-powered cross-border payment system by Siam Commercial Bank marks a significant advancement in Thailand’s financial technology landscape. Key benefits include: