Siam Commercial Bank unveils cross-border payments using stablecoin

Stablecoins will be used for settlements of payments and remittances.

Siam Commercial Bank (SCB) is collaborating with Lightnet to use stablecoins for settlements of cross-border payments and remittances.

This will be the first time in Thailand that stablecoins will be used for cross-border payments and remittances, SCB said in a press release posted on its website.

The service will make use of the Fireblocks platform. Assets will be secured at the back-end, ensuring protection and trust between parties, SCB said.

This project successfully graduated from the Bank of Thailand’s (BOT) regulatory sandbox in October 2024.

The service reportedly reduces operation costs and eliminates pre-funding between partners. Users can use local currencies for making transactions and experience improved reliability and availability, with the service accessible 24/7.

Lightnet is a financial technology company offering multi-asset global payment solutions with real-time settlement capabilities powered by AI and blockchain technology. It has regional hubs in Singapore, Lithuania, and Dubai.

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Siam Commercial Bank

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