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<p class="p1">Siam Commercial Bank (SCB), one of Thailand’s largest financial institutions, has introduced a stablecoin-based solution for cross-border payments, including remittance services. This innovative project emerged successfully from the Bank of Thailand’s regulatory sandbox in October 2024.</p>
<h2 class="p1">SCB’s Stablecoin Project: Advancing Cross-Border Payment Solutions</h2>
<p class="p1"><a href="https://www.scb10x.com/">The bank partnered with SCB 10X</a>, its innovation and venture division, along with <a href="https://lightnet.io/">Singapore's fintech company Lightnet</a>, to develop this initiative. Additionally, Fireblocks is providing custody technology for the project. While there were questions about the specific public blockchain and stablecoins used, details were not disclosed at the time of writing.</p>
<p class="p1">In conventional cross-border payment systems, banks usually need to keep pre-funded Nostro accounts in the target country. The use of stablecoins could potentially eliminate this requirement. Moreover, stablecoin transactions are significantly more economical and can be conducted at any hour.</p>
<p class="p1">Thanawat Kittisuwan, First Executive Vice President and Head of Digital Juristic & Payment at SCB, stated:</p>
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<p class="p1">By leveraging blockchain technology and stablecoins, we are making cross-border remittances more efficient, reliable, and accessible for everyone.</p>
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<p class="p1">Initially, this stablecoin solution is directed at consumer transactions, but SCB intends to expand its services to corporate clients shortly. Notably, the largest three banks in Japan are also exploring similar cross-border payment options, albeit often downplaying their association with stablecoins and enabling clients to make payments in the traditional manner.</p>
<p class="p1">Previously, SCB Tech X participated in a trial utilizing stablecoins on Hedera Distributed Ledger Technology (DLT). This trial also involved several other banks, including Korea’s Shinhan Bank, a bank from Taiwan, and South Africa’s Standard Bank, which acted as an observer.</p>
<h2 class="p1">Stablecoins as a Valuable Asset in Emerging Markets</h2>
<p>Stablecoins, especially those pegged to the U.S. dollar, are becoming increasingly popular in developing nations where local currencies may be fluctuating. By utilizing stablecoins, individuals can safeguard their purchasing power, making them a viable choice for remittances. This trend is particularly evident in Sub-Saharan Africa, where a notable percentage of cryptocurrency transactions feature stablecoins.</p>
<p>A Chainalysis report emphasized the rising usage of stablecoins for remittances in countries experiencing currency devaluation. For instance, in Venezuela, where inflation is severe, more than half of the digital assets sent as remittances are stablecoins. Other Latin American countries, including Argentina, Colombia, and Brazil, are witnessing similar trends, with an increasing incidence of stablecoins for cross-border payments.</p>
<p>Additionally, a March 2024 report from Mastercard indicated that remittances to South America are expanding at a faster rate than any other region. This highlights a global transition towards blockchain assets, including stablecoins, which are anticipated to play a significant role in the region’s evolving digital economy.</p>
<p>In conclusion, SCB’s adoption of stablecoin-based payment solutions marks a significant milestone in Thailand’s financial landscape. The bank is leveraging blockchain technology and collaborating with fintech partners to provide more efficient, cost-effective cross-border payment solutions for both individual and corporate clients. This initiative places SCB at the forefront of digital asset adoption and financial innovation.</p>
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<p lang="en" dir="ltr">SIAM COMMERCIAL BANK PIONEERS STABLECOIN-BASED CROSS-BORDER PAYMENTS IN THAILAND</p>
<p>– Siam Commercial Bank (SCB), Thailand’s oldest commercial bank, became the first institution in the country to offer stablecoin-based cross-border payment and remittance services.</p>
<p>– This… <a href="https://t.co/MuHHtEYll1">https://t.co/MuHHtEYll1</a> <a href="https://t.co/xk04ujfBJd">pic.twitter.com/xk04ujfBJd</a></p>
<p>— BSCN (@BSCNews) <a href="https://twitter.com/BSCNews/status/1846835561207840960?ref_src=twsrc%5Etfw">October 17, 2024</a></p></blockquote>
<h2 class="p1">FreeDum Fighters: A Political Satire with High Potential in the Crypto World</h2>
<p class="p1">FreeDum Fighters is a cryptocurrency venture that has been drawing considerable interest during its presale phase, presenting itself as an attractive investment opportunity with a distinctive, politically themed concept. Priced at just $0.00005 per token, it has piqued the interest of those looking to invest in a project that melds humor with politics while offering the potential for substantial growth.</p>
<p class="p1">With the U.S. presidential election on the horizon, FreeDum Fighters has crafted its roadmap to leverage the political climate, aiming to boost its visibility during this period of heightened interest. This strategic alignment with the electoral season enhances its allure, capitalizing on a politically charged landscape for increased traction.</p>
<p class="p1">The project revolves around two principal characters, Kamacop and Magatron, who are satirical portrayals of real-life political figures, Kamala Harris and Donald Trump. These characters serve not only as playful critiques of the current political landscape but also as the foundation for the project’s narrative. As the project develops, the creators plan to enlarge this storyline by introducing new characters and evolving the plot, keeping the community and investors engaged.</p>
<p class="p1">An important facet that enhances the utility of FreeDum Fighters is its unique staking system. Investors can stake their $DUM tokens to support their favorite character, with rewards distributed based on that character’s popularity. This innovative mechanism provides an interactive and enjoyable experience for participants and offers rewards through airdrops and point systems. This concept has already drawn in a growing base of investors who perceive potential in this audited presale, anticipating it could emerge as one of the top-performing cryptocurrencies in the current market.</p>
<p class="p1">The ongoing evolution of the narrative and character-centric storyline is expected to keep the project dynamic and interesting, which may significantly boost investor interest and drive long-term growth. Blending humor, political satire, and an inventive reward mechanism, FreeDum Fighters has carved a niche in the competitive crypto landscape, positioning itself as a standout among emerging projects for those seeking both entertainment and financial gain.</p>
<p style="text-align: center"><span style="color:#000000;padding:0px 24px;font-size:18px;line-height:36px;border-color:#fbc14e;border-radius:9px;-moz-border-radius:9px;-webkit-border-radius:9px;text-shadow:none;-moz-text-shadow:none;-webkit-text-shadow:none"> <strong>Buy FreeDum Fighters Token</strong></span>
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</div><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>SCB Launches Stablecoin for Efficient Cross-Border Payments[embed]https://www.youtube.com/watch?v=6pe8Nnn2Izo[/embed]
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