Confirmed: Ripple (XRP) Facilitates Real-Time Payments Between Thailand and Japan

Thailand’s plans for a baht-backed stablecoin have prompted fresh comparisons with payment systems that are already operating across its financial sector.

Crypto researcher SMQKE pointed to Ripple’s documented role in enabling real-time cross-border payments between Japan and Thailand, sharing evidence that the company’s blockchain infrastructure has already been used to reduce international transfer times from days to seconds.

In a post on X, SMQKE wrote, “Yes, Ripple facilitates real-time blockchain-based payments between Thailand and Japan,” before illustrating the payment flow as Japanese yen (JPY) moving through XRP before being converted into Thai baht (THB).

To support the claim, SMQKE attached a presentation slide outlining Ripple’s collaborations with major financial institutions and highlighting a case study involving Siam Commercial Bank (SCB) of Thailand and SBI Remit.

Presentation Highlights Ripple’s Previous Partnership With SCB

The attached document describes Ripple’s partnership history with several international financial institutions, including Bank of America, Standard Chartered, Santander, UBS, Westpac, MUFG, BBVA, Axis Bank, and others. However, the presentation’s primary focus was Ripple’s collaboration with SCB and Japan-based SBI Remit.

According to the slide, Ripple’s technology enabled individual fund transfers from Japan to Thailand by allowing Japanese yen to be transferred into Thai baht deposits held in SCB savings accounts. The presentation stated that the implementation reduced settlement times from approximately two business days to between two and five seconds.

The document also included a statement attributed to SCB Chief Strategy Officer Dr. Arak Sutivong, who said the bank was proud to become the first institution to use Ripple’s blockchain network for real-time payments between Japan and Thailand. The statement added that SCB intended to continue working with Ripple while expanding the service into additional markets.

CoinDesk Report Adds Fresh Context

SMQKE shared the presentation while referencing a CoinDesk report saying, “JUST IN: Thailand’s central bank announces a Baht-backed stablecoin for interbank settlement, with public consultation starting before year-end.”

Although the researcher did not claim that Ripple is directly involved in the proposed stablecoin initiative, the post suggested that Ripple’s documented payment corridor between Japan and Thailand demonstrates the company’s established role in the country’s cross-border payments landscape.

Community Response Focuses on XRP Price Performance

The post also drew responses from XRP community members discussing whether Ripple’s payment utility has translated into XRP’s market performance.

One user, LedgerLegend, expressed skepticism about the relationship between adoption and price appreciation. The commenter wrote, “If that’s the case then we are doomed. The price doesn’t move while utility is in place. Yes, not in the volume we want but still no price movement! Well to the upside at least.”

As Thailand moves forward with consultations on its proposed baht-backed stablecoin, Ripple’s established presence in the country’s cross-border payments network has once again come into the conversation.

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