SCBX Group Develops Thai Baht Stablecoin THBX With SCB

According to Odaily, SCBX Group's fintech division, SCB 10X, in collaboration with the Siam Commercial Bank (SCB) and technology partners, has developed a Thai Baht stablecoin named THBX. This initiative incorporates Singapore's Purpose Bound Money concept, utilizing smart contracts to impose conditions on the currency. The stablecoin, along with the Rubie wallet, is part of a sandbox pilot overseen by the Bank of Thailand and the Thai Securities and Exchange Commission. Currently, the THBX stablecoin is exclusively available to foreign visitors attending the Ethereum Devcon event in Thailand. These visitors can use the stablecoin for retail payments by scanning QR codes at approximately 100 participating merchants. This initiative aims to explore the practical applications of stablecoins in a controlled environment, providing insights into their potential use in broader financial systems. The pilot project reflects a growing interest in digital currencies and their integration into existing financial infrastructures, highlighting the role of regulatory bodies in ensuring secure and efficient implementation.