SCB 10X debuts Rubie Wallet with Thai baht and US dollar stablecoins
Analysis
Price Impact
MedThe news may lead to increased demand for usdc, particularly in thailand, where the rubie wallet is being launched. it may also increase awareness and adoption of stablecoins overall.
Trustworthiness
HighScb 10x is a significant financial power in the crypto space and is backed by siam commercial bank (scb). this move shows that scb 10x is committed to the future of stablecoins and is willing to invest in their development.
Price Direction
BullishIncreased demand for usdc could lead to a rise in price. however, the impact is likely to be limited due to the relatively small scale of the rubie wallet launch and the fact that the stablecoin is pegged to the us dollar. however, this initiative is a positive signal for the future of stablecoins in the thai market.
Time Effect
ShortThe immediate impact on usdc price is likely to be short-term, as the rubie wallet is still in a trial phase. the long-term impact depends on the success of the rubie wallet and the wider adoption of stablecoins in thailand.
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Article Content:
Derek Andersen 34 seconds ago SCB 10X debuts Rubie Wallet with Thai baht and US dollar stablecoins SCB rolled out a convenient and inexpensive stablecoin wallet that is sure to appeal to tourists in Thailand. 4 Total views Listen to article 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED Follow our Subscribe on Thai fintech SCB 10X has launched a wallet to enable the use of US dollar- and Thai baht-pegged stablecoins. The Rubie Wallet is being trialed by foreign visitors at the Devcon event in Bangkok while it is still part of the Bank of Thailand (BOT) and Thai Securities and Exchange Commission regulatory sandbox. The Rubie Wallet has many collaborators The Rubie Wallet features a scan-to-pay closed QR loop that is being accepted by around 100 local merchants from Nov. 5 to Nov. 25. Users must undergo Know Your Customer verification to participate. The wallet is being supported by Thailand’s SCB Bank (Siam Commercial Bank), which, like SCB 10X, is part of the SCB Group, and converts US dollar stablecoin to bahts in real time at the regulated exchange rate. Source: Elton Tay The wallet is powered by Fireblocks’ wallet-as-a-service infrastructure on the Base blockchain. Circle is also participating in the project. Although the SCB statement did not say so, a user confirmed that the system runs on USD Circle ( USDC ). Elliptic is providing monitoring and analytics. SCB 10X CEO Mukaya Tai Panich said 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. Related: Thailand distributing digital money to 45M citizens to boost economy SCB stays busy with crypto This is SCB’s second foray into stablecoin payments. In October, it announced that it would begin offering stablecoin services for cross-border payment in collaboration with fintech company Lightnet. That project also originated in the BOT sandbox, which was set up in August . Source: Rubie Wallet SCB 10X is a significant financial power in the crypto space. It has invested in such organizations as institutional crypto custodian and digital asset platform Anchorage, infrastructure provider Fireblocks , crypto firm Talos , crypto bank Sygnum , The Sandbox metaverse , decentralized infrastructure provider M^0 and the decentralized Sahara AI platform. Magazine: We took an ETHSafari to see how crypto is working out in Africa # Business # Thailand # Adoption # Stablecoin # Regulation # Policy Add reaction