As a seasoned crypto investor with over a decade of experience under my belt, I find the Rubie Wallet initiative by SCB 10X to be a promising step towards global financial inclusion and digital asset ecosystem development. Having witnessed the rapid evolution of the cryptocurrency landscape, it’s inspiring to see traditional institutions like SCB embracing blockchain technology and stablecoins for real-world applications.
10X, a fintech subsidiary of SCB from Thailand, unveiled a digital wallet designed to facilitate transactions involving stablecoins pegged to both US dollars and Thai baht. Known as the Rubie Wallet, it is currently being tested among foreign attendees at the Devcon conference in Bangkok. At this stage, the Rubie Wallet operates within the regulatory sandbox supervised by the Bank of Thailand (BOT) and the Thai Securities and Exchange Commission (SEC).
The Rubie Wallet has many collaborators
Starting November 5th and running through November 25th, the Rubie Wallet will be recognized for contactless payments at approximately 100 local businesses, thanks to its innovative closed QR loop system. To join in, users are required to go through a Know Your Customer verification process first.
The wallet is backed by Thailand’s Siam Commercial Bank (SCB), a member of the SCB Group, which operates similarly to SCB 10X, and instantly swaps US dollar digital coins tied to a stable value into Thai baht using the official exchange rate.
The wallet operates using Fireblocks’ service-based wallet system on the Base blockchain, and Circle is part of this project. It was not explicitly stated, but a user verified that the system functions with USD Coin issued by Circle (USDC). Elliptic contributes to monitoring and analytics for this setup. SCB 10X CEO Mukaya Tai Panich confirmed this in a statement.
“We believe that participating in BOT & SEC regulatory sandbox will be a significant move for financial innovation to global financial inclusion as well as the Thai digital asset ecosystem.”
The baht-pegged stablecoin (THBX) uses the purpose-bound money design that specifies the conditions for its usage through smart contracts. That model was pioneered in the Singapore Monetary Authority’s Project Orchid.
SCB stays busy with crypto
SCB has embarked on its second venture involving stablecoin transactions. In October, they declared their intention to provide stablecoin services for international payments in partnership with fintech firm Lightnet. This initiative, too, stemmed from the BOT sandbox, a platform established in August.
10X of SCB plays a substantial role in the cryptocurrency market. It has made investments in various organizations, such as Anchorage – an institutional crypto custodian and digital asset platform, Fireblocks – an infrastructure provider for the crypto space, Talos – a crypto company, Sygnum – a crypto bank, The Sandbox metaverse, M^0 – a decentralized infrastructure provider, and Sahara AI – a decentralized artificial intelligence platform.
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2024-11-15 00:41