Thailand’s dominant e-wallet TrueMoney partners with Fireblocks to embed THBT wallet in its app

TrueMoney, a major Thai e-wallet and financial super app, has teamed up with Fireblocks to add an embedded wallet to its Thai Baht TrueMoney, or THBT, pilot, allowing users to access blockchain-based payment functions directly within the TrueMoney app.

THBT is a Thai baht-referenced digital value unit being tested under the Bank of Thailand’s Enhanced Regulatory Sandbox, with the second phase moving away from a separate self-custody setup and incorporating assisted recovery for users who lose their credentials.

According to TrueMoney, participants can use THBT to purchase digital coupons through THBTStore or swap the digital unit with six supported assets through services operated by Ascend Bit, a TrueMoney partner participating in the Thai Securities and Exchange Commission’s Digital Asset Regulatory Sandbox.

Supported digital assets can also be converted into THBT, which users can spend on digital coupons or convert into Thai baht for transactions across the TrueMoney network, the firm added.

The pilot is being expanded to as many as 20,000 Thai and international participants, including foreign visitors and expatriates. By embedding wallet creation and management into an existing payments app, the project is testing whether consumers can use blockchain-based payment tools without dealing directly with seed phrases, private keys or separate wallet applications.

Fireblocks, whose infrastructure has supported more than $16 trillion in digital asset transfers and more than 750 million wallets, supplies the digital asset wallet infrastructure for the project.

Operated by Ascend Money, TrueMoney offers QR payments, transfers, bill payments and everyday purchases. It also provides services including remittances, insurance and gold investments.

The company has roughly 27 million to 32 million registered users in Thailand and is accepted by millions of merchants. It accounts for about half of the country’s e-wallet market.

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