Thailand Bank SCB Unveils New Stablecoin Remittance

Siam Commercial Bank (SCB) has teamed up with SCB 10X to launch the first cross-border payment using stablecoins in Thailand.

Siam Commercial Bank (SCB) has announced the launch of the first cross-border stablecoin payment solution in Thailand, in partnership with SCB 10X and Lightnet.

The new solution aims to provide a simple, fast, and cost-effective cross-border payment service, powered by stablecoins and public blockchain technology. It enables users to send and receive cross-border payments in a matter of minutes, around the clock, and at lower transaction costs compared to traditional methods.

Additionally, the service allows for easy conversion between stablecoins and local currencies at the point of transaction, enhancing flexibility and convenience for users. The initiative also marks a significant milestone in the financial services landscape in Thailand, thanks to the collaboration between SCB and Lightnet.

To ensure the secure handling of digital assets in this new payment solution, Fireblocks is providing its custody solutions. By leveraging Fireblocks’ custody technology, SCB aims to maintain the highest levels of security during the asset trading process, minimizing any risk of asset theft or loss.

Commenting on the partnership, Michael Shaulov, CEO and Co-founder of Fireblocks, said, “Through the use of Fireblocks’ secure custody technology, the cross-border transactions will not only be faster and easier but also more secure.”

This added layer of protection becomes crucial as the financial industry rapidly integrates digital assets, while concerns over security breaches remain prevalent.

The stablecoin remittance project is notably among the first to complete the Bank of Thailand’s (BOT) regulatory sandbox, which concluded in October 2024. The sandbox, overseen by the Thailand Securities and Exchange Commission (SEC), provides financial institutions with an opportunity to experiment with new financial solutions and products, such as those powered by blockchain technology and digital assets.

As part of a broader initiative to foster cryptocurrency and blockchain innovation in the country, Thai regulators established the regulatory sandbox. For instance, the SEC’s Digital Asset Regulatory Sandbox launched in 2024, allowing financial firms to conduct trials of cryptocurrencies within a legal framework. It received positive feedback during the public hearing and has opened up new avenues for financial innovation within Thailand’s digital asset market.

The completion of SCB’s stablecoin project through the sandboxing process signifies that the system has undergone the necessary regulatory assessment and is ready to be introduced to the commercial market. This milestone also paves the way for further adoption of blockchain technology within the traditional banking sector.

Following the successful launch of the service for retail use cases, SCB and Lightnet are now preparing to expand the service to corporate clients. The aim is to provide businesses with the same advantages currently enjoyed by individual customers, such as lower transaction costs, faster payments, and 24/7 availability.

Eliminating pre-funding requirements and operational inefficiencies will streamline cash flow management for corporate clients, especially those engaged in international trade. This will provide businesses with a seamless and cost-effective solution for both inbound and outbound remittances.

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