Siam Commercial Bank (SCB), Thailand’s oldest bank, has announced a new stablecoin remittance service.
In partnership with fintech company Lightnet, the cross-border payment remittance service using stablecoins will allow clients to send and receive transactions at any time with reduced costs.
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Siam Commercial Bank (SCB), Thailand’s oldest bank, has announced a new stablecoin remittance service.
In partnership with fintech company Lightnet, the cross-border payment remittance service using stablecoins will allow clients to send and receive transactions at any time with reduced costs.
The lower fees make stablecoins particularly attractive for those receiving remittances in higher-value currencies.
Lightnet CEO Tridbodi Arunanondchai emphasized that this initiative will also promote broader financial inclusion, stating, “This project also promotes financial inclusion as there is a lower capital requirement per transaction. Beyond this, the project also provides unique value propositions to retail, corporate, and institutional clients.”
These stablecoin services have been tested through the Bank of Thailand’s regulatory sandbox, which allows financial institutions to experiment with digital assets under more flexible regulations.
The move comes as the stablecoin industry sees a record surge in transactions. Stablecoin liquidity surged to an all-time high of $169 billion at end of last month, reflecting a 31% growth since the beginning of the year.
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