Partnering with SCB 10X and Lightnet, the bank will use stablecoins—digital assets pegged to gold or the U.S. dollar—to facilitate faster, more efficient international transactions, according to a company release.
This solution is built on a public blockchain network, with Fireblocks providing top-tier custody technology to ensure asset security. The new payment system enables 24/7 cross-border transactions, reducing the need for banks to maintain pre-funded accounts with foreign partners, which improves capital efficiency and lowers operational costs.
By eliminating layers of clearance and currency conversion, the service offers customers a faster, cost-effective way to send and receive funds internationally, per Nikkei. Users can transact using local currencies, further simplifying the process.
