SCB Unveils Thailand’s First Stablecoin Payment System

This new service was developed in partnership with SCB 10X and Lightnet. It aims to make sending and receiving money across borders faster and more efficient.

Stablecoins are digital assets linked to stable currencies like the U.S. dollar or gold, forming the core of this system. Let’s discover about this stablecoin payment system.

How Does It Work?

When you send money overseas through traditional banks, the process can feel like “watching grass grow”—it’s slow and sometimes expensive. Usually, banks have to go through multiple layers of approval and currency conversion. Plus, they have to keep large amounts of money in pre-funded accounts with foreign banks just to make sure everything runs smoothly.

With SCB’s new system, things work a lot faster. Using stablecoins on a public blockchain, the payment process cuts through the red tape. This means money can move 24/7, and there’s no need for those pre-funded accounts.

Siam Commercial Bank (SCB) has partnered with Lightnet, a fintech company co-founded by Chatchaval Jiaravanon, to launch Thailand’s first stablecoin, which is a digital asset pegged to gold or the dollar for cross-border payments and remittances.

Listen to the story or get the… pic.twitter.com/CnOLCBmHC7

— Bangkok Post (@BangkokPostNews) October 18, 2024

Security is a big deal when it comes to handling money, especially digital assets. To keep everyone’s funds safe, SCB teamed up with Fireblocks, a company known for its top-notch custody technology. With this system in place, users can trust that their assets are well-protected while sending or receiving money.

Why It Matters

For businesses and people in Thailand, this is a game-changer. Sending money internationally is now faster and cheaper than ever. Instead of waiting days for a payment to go through, transactions can be completed in minutes, no matter the time of day. Users also save money on fees because there are fewer steps involved in the process.

Surfing the Internet and found this news 📰 !!!

🏦 SCB Partners with LIGHTNET for Stablecoin Services ✨

Siam Commercial Bank (SCB), Thailand’s oldest bank, partners with fintech Lightnet @lightnetgroup

They will provide stablecoin services for cross-border payments and… https://t.co/1i34zlIh5u pic.twitter.com/AwVOSZMVpx

— Pure8 (@Pure8Nature) October 17, 2024

One of the best parts? You can send money using local currencies, making it easier for everyone. Whether you’re a business paying an international supplier or someone sending money to family abroad, this system offers a more straightforward, cost-effective way to handle cross-border payments.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.