TrueMoney partners Fireblocks on embedded THBT wallet

TrueMoney has partnered with Fireblocks to provide an embedded wallet for Thai Baht TrueMoney Phase 2, expanding access to blockchain-based payments for users in Thailand and overseas app users.

Thai Baht TrueMoney, or THBT, is a Thai baht-referenced digital value unit being tested under the Bank of Thailand's Enhanced Regulatory Sandbox. In this second phase, users can access wallet functions within the TrueMoney app instead of through a separate self-custody setup.

The move reflects a broader push by payment providers to make digital asset services easier for consumers unfamiliar with private keys, wallet recovery phrases, and other technical steps that have typically accompanied blockchain transactions. The new setup includes an assisted recovery process for users who lose their credentials.

Under the pilot, participants can use THBT to buy digital coupons through THBTStore or swap it with six supported digital assets. Ascend Bit, a TrueMoney partner, operates those services under the Thai Securities and Exchange Commission's Digital Asset Regulatory Sandbox.

The arrangement also targets foreign visitors and expatriates in Thailand. Users holding supported digital assets can swap them into THBT, then use the value to buy digital coupons or convert THBT into Thai baht for transactions across the TrueMoney network.

This gives the project a practical use case beyond trading or holding digital assets. It links the digital unit to day-to-day spending and tests whether a blockchain-based payment instrument can fit into an existing consumer payments app without requiring users to manage specialist tools.

Fireblocks says it has secured more than USD $16 trillion in digital asset transfers and created more than 750 million wallets. It provides digital asset infrastructure to financial institutions, payments providers, and other businesses working with blockchain-based services.

For TrueMoney, the partnership adds blockchain wallet functions to an app already used across several Southeast Asian markets. The company operates in Thailand, Cambodia, Myanmar, Vietnam, the Philippines, Indonesia, and Malaysia, with a customer base that includes users outside the traditional banking system.

Consumer test

The latest phase of THBT opens the pilot to up to 20,000 Thai and international participants. This creates a larger consumer test of whether digital value units linked to a local currency can be used in routine retail activity when placed inside a familiar payments interface.

Embedded wallets have become a focus for fintech and digital asset firms seeking to reduce friction in blockchain-based services. Instead of asking users to download a dedicated wallet app or store seed phrases, companies are trying to place those functions behind the scenes within existing consumer products.

TrueMoney's model appears designed around that approach. By keeping wallet creation and management within its app, the company can present THBT as another payment option rather than as a separate crypto product with its own onboarding process.

"At TrueMoney, we believe that security, trust, and regulatory compliance are at the heart of blockchain-based financial solutions. Through this collaboration, we are delivering a seamless THBT experience on the TrueMoney app, powered by Fireblocks' institutional-grade digital asset wallet infrastructure. This enables us to make digital assets more accessible without compromising on security, giving both Thai and international users greater confidence to experience the real-world benefits of digital assets and programmable payments," said Mr. Apinand Dabpetch, Managing Director of Ascend Bit and Group Head of Wallet & Growth, TrueMoney.

The project remains within a regulated testing framework rather than a full commercial launch. Thailand's authorities have been exploring how digital assets and related payment tools can operate under supervised conditions, particularly where products are linked to consumer transactions.

Practical use

For Fireblocks, the tie-up is another example of digital asset infrastructure being used in consumer finance rather than only for institutional trading, custody, or settlement. Its role in the THBT project is to provide the wallet layer beneath the app experience.

"Users don't want to think about Web3 - they just want things to work. That's the thinking behind THBT. By leveraging Fireblocks, TrueMoney provides its users with enterprise-grade money movement without ever touching a seed phrase or worrying about losing a private key - the complexity is handled, and all people see is a payment that clears instantly. And that's exactly what 'crypto-inside' is supposed to look like: the infrastructure disappears, and the business owns the experience end-to-end," said Mr. Ran Goldi, SVP Payments and Network, Fireblocks.