According to Woofun AI, Thailand's licensed digital asset exchange, broker Waan Exchange, and Wipay, an electronic money institution regulated by the Bank of Thailand, have jointly launched a digital wallet application called WORPT, which is specially designed for foreign tourists to open up a complete closed loop from holding cryptocurrencies to offline QR code payments. The platform allows international travelers to directly convert their stablecoins into Thai baht and connect to Thailand's mainstream PromptPay network to enable instant fiat payments to local merchants.
Thailand has long banned the use of crypto assets for everyday payment of goods and services. This sandbox is an exceptional channel, which is why WORPT must adopt a “crypto deposit and fiat withdrawal” structure. It addresses exchange rate exchange and compliance settlement issues in cross-border payments. WORPT operates under the regulatory framework of the Securities and Exchange Commission of Thailand (SEC). Its essence is not to directly accept cryptocurrency payments, but rather allows merchants to only access fiat currency through an intermediate conversion layer, thereby avoiding the complexity of accepting crypto payments in traditional retail scenarios while retaining the liquidity of crypto assets.
This “crypto deposit and fiat currency withdrawal” model has laid the foundation for compliance for subsequent large-scale promotion, and also heralds the accelerated evolution of the localized application of stablecoins in Southeast Asia.
Judging from the product mechanism and technology path, WORPT was launched on October 26, 2026; the relevant news was released at 11:15 p.m. EST on October 26, equivalent to 10:15 a.m. on October 27, Bangkok time. Reporter Terence Zimwara points out that the platform has built an infrastructure for the entire process from receiving digital token deposits, exchanging them for Thai baht in real time, to transferring them to merchants through a standard payment system. At the regulatory level, WORPT follows the Digipay regulatory sandbox program for the travel sector launched by the Thailand Securities and Exchange Commission (SEC). It operates in a controlled environment and is subject to relevant regulatory requirements such as identity verification, transaction monitoring, and AML (anti-money laundering). According to sandbox rules, participants can test for up to 18 months and must separate the DigiPay service from the investment transaction business.
Currently, the platform only supports the conversion of two mainstream stablecoins, USDT and USDC. This restrictive strategy not only reduces technical risks, but also makes it easier for regulators to track the flow of funds. It's worth noting that local merchants don't need to have any cryptocurrency knowledge or wallet address; they only need to scan the QR code as usual to receive payment in Thai baht, while the visitor side seamlessly switches from USDT/USDC to Thai baht through the app.
This design combines the global liquidity of crypto assets with the local convenience of fiat payments, and is mainly aimed at small and medium-sized merchant scenarios that lack the ability to accept traditional bank cards across borders. Through the exchange engine provided by Waan Exchange and Wipay's payment routing, the transaction chain is automated while providing regulators with a queryable data interface to monitor the flow of funds.
In terms of ecological cooperation and hardware expansion, WORPT is not only innovating at the software level, but is actively seeking deep ties with the world's top financial brands and retail giants. The partner lineup includes stablecoin issuer Tether, global payment network Visa (V.US), and The Mall Group, one of Thailand's leading retail operators. This cross-border combination aims to build a payment ecosystem covering online and offline, virtual and real. According to the plan, WORPT plans to launch physical Visa prepaid cards in mid-November 2026, while virtual cards are expected to be launched in early 2027, which will expand users' usage scenarios.
Once online, users can share the same THB balance through QR code payments and card transactions without additional transfer or deposit operations, enabling unified management of the fund pool. WORPT's co-founder Pavin Jittiwongsamarn made it clear that the core goal of launching WORPT is to enable international visitors to actually use the cryptocurrencies they already own when traveling in Thailand, so the team is committed to opening up the entire payment process to provide visitors with greater convenience and more payment options.
Another co-founder, Janeboon Roonnaphaya, pointed out from the perspective of industry trends that cryptocurrencies have always been mostly viewed as assets for holding and trading, and the reason why current developments are so important is that cryptocurrencies are transforming into practical tools in everyday life. To further promote this concept, WORPT's management team will co-host an official launch event and symposium with representatives from Tether, The Mall Group, and regulators in November 2026 to explore in depth the future development prospects of digital asset payments in the travel economy.
This kind of high-level industry dialogue not only helps enhance WORPT's brand influence, but also provides ideological guidance for the standardized development of the entire Thai crypto payment ecosystem.
Looking at broader regulatory trends, Thailand's Securities and Exchange Commission (SEC) said in January of this year that it is preparing to launch a current cryptocurrency ETF and plans to adopt a new market-making system to improve liquidity. The plan has yet to be implemented, and is in a different regulatory track from WORPT's payment sandbox — the former is for capital allocation and wealth management, while the latter is for daily consumption and cross-border settlement.