Thailand's Siam Commercial Bank to issue stable coin STB based on Ethereum

Thailand's largest commercial bank, Siam Commercial Bank of Thailand (SCB), stated publicly during the DeFi Bangkok blockchain event that the bank is designing a stable currency (STB, Stable Thai Baht) that anchors the Thai baht. According to related reports, the stablecoin will be based on Ethereum, with a 1: 1 equivalent anchored in Thai Baht, but it needs to be reviewed by SCB's KYC and AML. An unnamed SCB executive has confirmed the plan, but did not disclose specific partners.