Thailand has been significantly increasing its regulation of crypto.
The CBDC will be used for "cash-like activities within a limited scale," such as paying for goods and services.
Velo Labs has joined with TEMPO Payments and Bitazza to facilitate transfers on the Stellar blockchain.
Ripple is focusing on Asia, which the company has said is its fastest-growing market.
"I think traditional financial companies like us should actively explore, invest and adopt DeFi," said SCB 10X's Mukaya Tai Panich.
The central bank stressed that cryptocurrencies are not legal tender in Thailand.
The SEC alleges the crypto exchange is operating a digital-asset business in the country without a license.
The move by the Thai SEC is just the latest action by the regulator as it works to provide a framework for crypto in the kingdom.
The agency is signaling it may move to regulate the country's DeFi sector.
The publicly listed company said it already holds bitcoin.
New exchange users will have to use machines to scan their ID card chips before they can open a crypto account, says an industry exec.
The chairman of KBank's technology arm said DeFi is a "key exploration" for the banking group throughout 2021.
The Bank of Thailand has deemed any activity involving the THT stablecoin "illegal" on the basis it violates the nation's Currency Act.
Thailand's SEC now says it didn't mean it when it proposed a $33,000 minimum annual income for new crypto traders.
The project will explore the capabilities of a DLT-based central bank digital currency in regional payments.