According to Woofun AI, Thailand-licensed digital asset exchange and broker Waan Exchange has teamed up with Wipay, an electronic money institution regulated by the Bank of Thailand, to launch a digital wallet app called WORPT, designed specifically for foreign tourists and aimed at completing the full loop from holding crypto to offline QR code payments.

The platform lets international travelers convert the stablecoins they hold directly into Thai baht and connects to Thailand's mainstream PromptPay network, enabling instant fiat settlement with local merchants.

Thailand has long banned the use of crypto assets for everyday goods and services, and this sandbox is an exceptional channel, which is why WORPT must adopt a "crypto in, fiat out" structure. It addresses currency conversion and compliant settlement in cross-border payments.

WORPT operates under the regulatory framework of the Securities and Exchange Commission (SEC) of Thailand. In essence, it does not directly accept cryptocurrency payments; instead, through an intermediate conversion layer, merchants only come into contact with fiat currency, thereby preserving the liquidity of crypto assets while avoiding the complexity of accepting crypto payments in traditional retail scenarios.

This "crypto in, fiat out" model lays a compliant foundation for subsequent large-scale rollout and also signals an accelerating evolution of localized stablecoin applications in Southeast Asia. In terms of product mechanics and technical pathways, WORPT went live on October 26, 2026; the related news was published at 11:15 p.m. U.S. Eastern Time on October 26, which corresponds to 10:15 a.m. Bangkok time on October 27.

Reporter Terence Zimwara noted that the platform has built end-to-end infrastructure covering the receipt of digital token deposits, real-time conversion into Thai baht, and transfer to merchants through standard payment systems. On the regulatory side, WORPT follows the Digipay regulatory sandbox program for the tourism sector introduced by the SEC of Thailand, and its operations take place in a controlled environment and must comply with requirements related to identity verification, transaction monitoring, and AML (anti-money laundering) rules.

Under the sandbox rules, participants can test for up to 18 months and must keep DigiPay services separate from investment trading operations. At present, the platform only supports conversion of the two mainstream stablecoins USDT and USDC, a restrictive strategy that both reduces technical risk and makes it easier for regulators to track fund flows.

Notably, local merchants do not need any cryptocurrency knowledge or wallet addresses. They simply scan a QR code as usual to receive baht, while tourists complete a seamless switch from USDT/USDC to baht through the app. This design combines the global liquidity of crypto assets with the local convenience of fiat payments and mainly targets small and medium-sized merchants that lack the cross-border acceptance capability of traditional bank cards.

Through the exchange engine provided by Waan Exchange and the payment routing of Wipay, the transaction chain is processed automatically, while also providing regulators with queryable data interfaces to monitor fund flows. In terms of ecosystem partnerships and hardware expansion, WORPT has not stopped at software-level innovation but is actively seeking deep ties with top global financial brands and retail giants.

The lineup of partners includes stablecoin issuer Tether, global payments network Visa (V.US), and The Mall Group, one of Thailand's leading retail operators. This cross-sector combination aims to build a payment ecosystem that covers both online and offline and blends the virtual and the physical. According to the plan, WORPT intends to launch a physical Visa prepaid card in mid-November 2026, with a virtual card expected in early 2027, which will expand usage scenarios for users.

Once launched, users will not need to make additional transfers or top-ups and can share the same baht balance across QR code payments and card transactions, achieving unified management of the fund pool. WORPT co-founder Pavin Jittiwongsamarn made clear that the core goal of launching WORPT is to allow international tourists traveling in Thailand to actually use the cryptocurrencies they already hold, so the team is committed to opening up the entire payment process and providing tourists with greater convenience and more payment options.

Another co-founder, Janeboon Roonnaphaya, pointed out from the perspective of industry trends that cryptocurrencies have long mostly been regarded as assets for holding and trading, and what makes the current development so important is that cryptocurrencies are transforming into practical tools in daily life. To further promote this idea, WORPT's management team will hold an official launch event and panel discussions with representatives from Tether, The Mall Group, and regulators in November 2026 to discuss in depth the future development prospects of digital asset payments in the tourism economy.

This high-level industry dialogue not only helps enhance WORPT's brand influence but also provides intellectual leadership for the standardized development of Thailand's entire crypto payment ecosystem. From a broader regulatory perspective, the SEC of Thailand said in January this year that it was preparing to launch spot cryptocurrency ETFs and planned to adopt a new market-making system to improve liquidity.

That plan has not yet materialized and belongs to a different regulatory track from the payment sandbox WORPT is part of. The former is oriented toward capital allocation and wealth management, while the latter is oriented toward daily consumption and cross-border settlement.