SCB 10X tested Rubie Wallet supporting USD and THB stablecoins at Devcon event in Bangkok, accepting payments at 100 stores from November 5 to November 25.
Siam Commercial Bank (SCB), through its fintech subsidiary SCB 10X, is piloting the Rubie Wallet at the Devcon event in Bangkok, Thailand, from November 5 to November 25. The wallet will allow users to make payments using stablecoins pegged to the US dollar (USD) and Thai baht (THB) at around 100 local stores. The project is being implemented under the sandbox framework of the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC).
The trial of Rubie Wallet marks a new step for SCB in exploring the potential of stablecoins in payments. Users need to complete the identity verification (KYC) process to participate. Rubie Wallet uses closed-loop QR code technology to process transactions, providing a convenient and fast payment experience.
SCB Bank, another unit of SCB Group, will support conversions between the USD-pegged stablecoin and the baht at the official exchange rate.
Source: Elton Tay Strategic partnerships drive innovation
The birth of Rubie Wallet is the result of multilateral cooperation between SCB 10X and leading strategic partners in the field of blockchain and digital assets. The wallet is operated on the “wallet-as-a-service” infrastructure platform of Fireblocks and integrated on the Base blockchain. Circle, the company that issues the stablecoin USDC, is also participating in the project. Elliptic, a company specializing in blockchain analytics, will take on the role of monitoring and risk analysis for Rubie Wallet. This combination helps ensure the safety, transparency and efficiency of the system.
Ms. Mukaya Tai Panich, CEO of SCB 10X, said that joining the sandbox of BOT and SEC is an important step to promote financial innovation, expand global financial access and develop the digital asset ecosystem in Thailand. The project not only affirms SCB's commitment to pioneering the application of new technology but also contributes to realizing Thailand's vision of becoming a digital financial center in the region.
Notably, the baht-pegged stablecoin (THBX) is implemented using a purpose-bound money model, allowing control of usage conditions through smart contracts. This model is inspired by the Orchid Project of the Monetary Authority of Singapore (MAS).
This is not the first time SCB has experimented with a stablecoin payment solution. In October, SCB announced plans to launch a stablecoin service for cross-border payments in partnership with Lightnet, a fintech company that is also part of BOT's sandbox.
SCB 10X is known as a major investor in the cryptocurrency sector, with a diverse portfolio in the cryptocurrency sector, including big names such as digital asset custody platform Anchorage, infrastructure provider Fireblocks, crypto company Talos, crypto bank Sygnum, metaverse The Sandbox, decentralized infrastructure provider M^0, and decentralized artificial intelligence platform Sahara AI.
