Siam Commercial Bank (SCB), in parallel with the venture department SCB10X and light netAccording to , Thailand has launched its first cross-border payment system using stablecoins. coin gape.
The project focuses on increasing the speed and efficiency of transactions through the integration of blockchain and stablecoins, which are digital currencies tied to assets such as the US dollar.
The system operates 24 hours a day, 365 days a year, giving users greater flexibility than traditional banking hours, especially those conducting international transactions.
The use of stablecoins also streamlines the currency conversion process, making it easier to transfer money between digital and local currencies.
This solution has the potential to improve capital efficiency and reduce transaction costs by eliminating the requirement for interbank pre-funded accounts.
Fireblocks, a digital asset security company, provides custody technology to protect digital assets during these transactions.
The system has successfully completed testing in Thailand’s regulatory sandbox supervised by the Bank of Thailand and the SEC prior to commercial use.
SCB and Lightnet plan to roll out this service for corporate customers, with the aim of providing companies engaged in international trade with faster payment processing and reduced cross-border remittance costs.
Featured image credit: Edited from freepic
