SCB 10X, a Thailand-based fintech company, has launched Rubie Wallet to enable the use of stablecoins pegged to the US dollar and Thai baht. The wallet is being tested by foreign visitors at Devcon in Bangkok and is under the regulatory supervision of the Bank of Thailand (BOT) and the Securities and Exchange Commission of Thailand.

Rubie Wallet offers a QR code payment system that will be accepted by about 100 local merchants from November 5 to 25. Users must undergo Know Your Customer verification.

The wallet, powered by SCB Bank, instantly converts US dollar stablecoins into baht. Powered by Fireblocks’ infrastructure and Circle’s participation, the system runs on USD Circle (USDC), while Elliptic provides monitoring and analytics.

SCB 10X CEO Mukaya Tai Panich said that this project is an important step towards financial innovation and global financial inclusion. The THBX stablecoin has a design that specifies its terms of use through smart contracts.

SCB is an active player in the crypto space. In October, it announced that it would offer cross-border payment services with Lightnet. SCB has invested in major organizations such as 10X, Anchorage, and Fireblocks.

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