Thailand’s TrueMoney has partnered with digital asset infrastructure company Fireblocks to power the embedded wallet layer for the second phase of Thai Baht TrueMoney, or THBT, a blockchain-based payment pilot.
TrueMoney said THBT is a Thai baht-referenced digital value unit being tested under the Bank of Thailand’s Enhanced Regulatory Sandbox. The second phase places a Fireblocks-powered wallet directly inside the TrueMoney application so users do not have to manage private keys through a separate self-custody wallet.
Thailand pilot targets everyday payment use cases
The companies said eligible participants can use THBT to purchase digital coupons through the THBTStore or exchange it with six supported digital assets. Those exchange services are operated by Ascend Bit under the Thai Securities and Exchange Commission’s Digital Asset Regulatory Sandbox, according to the announcement.
The setup also targets international users. Tourists and expatriates holding supported digital assets can swap them for THBT, use the balance for eligible purchases or withdraw THBT into Thai baht through the participating ecosystem.
TrueMoney said applications for Phase 2 will remain open through December 31, 2026, with the pilot capped at as many as 20,000 Thai and international participants.
Embedded wallets hide more of the Web3 complexity
The Fireblocks integration is designed to handle wallet creation, security and assisted recovery inside the TrueMoney experience. That approach removes the need for mainstream users to handle a seed phrase or private key directly.
Apinand Dabpetch, managing director of Ascend Bit and group head of Wallet & Growth at TrueMoney, said the project is intended to make digital assets easier to use while retaining security and regulatory controls.
Ran Goldi, senior vice president of Payments and Network at Fireblocks, said the goal is for the blockchain infrastructure to sit behind the payment experience rather than require users to understand Web3 mechanics.
Regulated pilots are becoming a path to payment experiments
The THBT project adds another example of payment companies in Southeast Asia testing new settlement and wallet models inside regulatory sandboxes rather than launching them as unrestricted consumer products.
That distinction is important because the pilot remains bounded by participation limits, supported assets and sandbox rules. It should therefore be viewed as a regulated test of programmable payments and embedded-wallet design rather than a general replacement for Thai baht payment systems.
TrueMoney, part of Ascend Money, operates financial services in several Southeast Asian markets, including Thailand, Cambodia, Myanmar, Vietnam, the Philippines, Indonesia and Malaysia.
The launch also fits a broader regional push to make digital payment infrastructure easier to use across borders. TNGlobal recently covered how cross-border QR payment initiatives are expanding in the Philippines and Southeast Asia, although the THBT pilot uses a different blockchain-based architecture.