Thai Merchants Bank to issue stable coin STB anchored in Thai Baht based on Ethereum

According to the local media Blockspaper report, Thailand ’s largest commercial bank, the Thai Commercial Bank of Thailand (SCB), publicly stated during the DeFi Bangkok blockchain event that the Thai Commercial Bank of Thailand (SCB) is designing a stable currency (STB, stable Thai Baht). According to the report, the Thai baht stablecoin will be based on Ethereum and will be anchored to the Thai baht at a 1: 1 equivalent value, but subject to SCB’s KYC and AML anti-money laundering reviews. An unnamed executive at the Thai Mercantile Bank of Thailand has confirmed SCB’s plans to issue an anchored Thai Baht stablecoin, but did not disclose specific partners. Lianwen previously reported that the Thai Commercial Bank of Thailand (SCB) announced in early January this year to cooperate with Ripple to create a Ripple-based cross-border payment mobile application SCB Easy, which can provide instant, low-cost cross-border payment services. SCB plans to expand the service to Southeast Asian countries such as Cambodia, Laos, Myanmar, and Vietnam.