SCB 10X Launches Rubie Wallet with Thai Baht and US Dollar Stablecoins

SCB 10X, the fintech arm of Thailand's Siam Commercial Bank (SCB), has launched the Rubie Wallet, a stablecoin wallet designed for both US dollar (USDC) and Thai baht (THBX)-pegged stablecoins. Initially available for trial use by international visitors at the Devcon event in Bangkok, the wallet is part of Thailand's regulatory sandbox under the Bank of Thailand (BOT) and the Thai Securities and Exchange Commission (SEC).

Rubie Wallet Features and Collaborations

The Rubie Wallet offers a seamless, low-cost way to use digital currencies, featuring a scan-to-pay QR code system that is being accepted by approximately 100 local merchants in Bangkok from November 5 to November 25. To use the wallet, participants are required to complete Know Your Customer (KYC) verification.

The wallet is powered by Fireblocks’ wallet-as-a-service infrastructure on the Base blockchain, with backing from Circle, the issuer of USDC. The wallet facilitates real-time conversions of US dollar stablecoins to Thai baht at the regulated exchange rate set by the Bank of Thailand. Elliptic provides monitoring and analytics to ensure compliance and security.

SCB 10X’s CEO, Mukaya Tai Panich, expressed the company's commitment to advancing financial innovation and fostering global financial inclusion, stating: “We believe that participating in the BOT & SEC regulatory sandbox will play a pivotal role in expanding the Thai digital asset ecosystem.”

Purpose-Bound Stablecoin (THBX)

The Rubie Wallet also introduces the baht-pegged stablecoin (THBX), which uses a purpose-bound money model. This design allows smart contracts to specify the conditions under which the stablecoin can be used, a concept pioneered in Project Orchid by the Monetary Authority of Singapore.

SCB's Growing Presence in Crypto

This launch marks SCB's second venture into stablecoin payments. In October 2024, the bank partnered with Lightnet, a fintech company, to enable stablecoin-powered cross-border payments, also within the Bank of Thailand's regulatory sandbox.

SCB 10X has also become a significant player in the digital asset space, with investments in various crypto-related firms, including Anchorage, Fireblocks, Talos, Sygnum, The Sandbox, M^0, and Sahara AI.

With these efforts, SCB is positioning itself as a leading force in Thailand's digital finance ecosystem, bridging traditional banking with the rapidly growing world of cryptocurrencies and stablecoin solutions.