The Siam Commercial Bank (SCB), Thailand's oldest bank, has announced the launch of stablecoin cross-border payment and remittance services in partnership with fintech company Lightnet. This new service enables clients to send and receive transactions 24/7 at reduced costs, making stablecoins an appealing option for remittance recipients dealing with higher-value currencies. Lightnet's CEO emphasized the advantages of tokenized fiat, including lower transaction capital requirements and enhanced financial inclusion for various customer segments. SCB's stablecoin services have been tested under the Bank of Thailand's regulatory sandbox to facilitate innovative financial solutions. Reports indicate that stablecoins are increasingly utilized in regions experiencing currency devaluation, particularly in developing countries in Africa and Latin America. The trend suggests that the use of digital assets for remittances, particularly stablecoins, is likely to grow significantly as they become integral to an expanding digital economy.

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