SCBX Group’s fintech arm SCB 10X has partnered with Siam Commercial Bank (SCB) and technology partners to develop the Thai baht stablecoin THBX. It adopts Singapore’s Purpose Bound Money concept, using smart contracts to impose conditions on the currency. The stablecoin and Rubie wallet are part of a sandbox pilot overseen by the Bank of Thailand and the SEC.
The stablecoin is only available to foreign visitors attending the Ethereum Devcon event currently taking place in Thailand, and holders can use THBX for retail payments by scanning a QR code at about 100 participating merchants.