Thai fintech SCB 10X has launched the Rubie Wallet, designed to facilitate payments using US dollar and Thai baht-pegged stablecoins. Currently being tested by tourists at the Devcon event in Bangkok, the wallet operates within the Bank of Thailand and Thai Securities and Exchange Commission's regulatory sandbox. The Rubie Wallet utilizes a scan-to-pay system accepted by approximately 100 local merchants from November 5 to November 25, requiring users to complete Know Your Customer verification. Supported by SCB Bank, the wallet provides real-time conversion of US dollar stablecoins to Thai baht at the regulated exchange rate. Powered by Fireblocks and in collaboration with Circle, the wallet incorporates monitoring and analytics from Elliptic. SCB 10X CEO Mukaya Tai Panich emphasized the significance of the regulatory sandbox in promoting financial innovation and the Thai digital asset ecosystem. This development follows SCB's earlier initiative for cross-border payments in partnership with fintech company Lightnet. The baht-pegged stablecoin (THBX) integrates smart contract technology to ensure purpose-bound money usage, inspired by Singapore's Project Orchid.

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