Top Thai Bank Launches 24/7 Stablecoin Remittance Services

Siam Commercial Bank (SCB), Thailand's oldest bank, is set to launch stablecoin-based cross-border payment and remittance services in partnership with fintech company Lightnet.

This service will enable 24/7 transactions while lowering costs, making it appealing for recipients of higher-value currencies.

Lightnet’s CEO emphasized that this initiative promotes financial inclusion by reducing capital requirements for transactions and offering distinct benefits to various customer segments.

The bank’s services were tested in the Bank of Thailand’s regulatory sandbox, which allows for the experimentation of digital assets under relaxed regulations.

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In emerging markets, US dollar-backed stablecoins are becoming popular for preserving value against weakening local currencies. A report from Chainalysis indicates that stablecoins now represent about 43% of crypto transaction volumes in Sub-Saharan Africa, and in Venezuela, stablecoins made up over half of digital asset remittances in 2023.

Mastercard’s recent findings show that remittances to South America are growing rapidly, predicting that stablecoins will continue to expand their influence in the digital economy.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.