SCB 10X, the fintech arm of SCBX Group, has developed a Thai Baht stablecoin THBX in collaboration with Siam Commercial Bank (SCB) and technology partners. It employs Singapore’s concept of Purpose Bound Money which uses smart contracts to impose conditions around the coin. The stablecoin and Rubie wallet are part of a sandbox pilot overseen by the Bank of Thailand and the Thai Securities and Exchange Commission.
The stablecoin can only be used by foreign visitors to the Ethereum Devcon event currently taking place in Thailand. Stablecoin holders can use THBX for retail payments by scanning QR codes at roughly 100 participating merchants.
It’s a smart move because foreign exchange is one of the biggest frictions that stablecoins can address. Plus, tech-savvy Devcon users are going to be far more forgiving if the usability isn’t perfect. We observed in another stablecoin experiment conducted by SBC TechX on Hedera that disclosing gas fees to mainstream users might be off putting.
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