Key Takeaways
- The approval allows the two largest stablecoins to be used for transactions on initial coin offering (ICO) portals, investments in digital tokens, and as base trading pairs on digital exchanges.
- Thailand has established itself as one of the most crypto-friendly nations in the world, ranking 10th globally in crypto adoption
Thailand’s Securities and Exchange Commission (SEC) has officially approved Tether’s USDT and Circle’s USDC as trading pairs on licensed digital asset exchanges. The decision expands the regulator’s list of eligible crypto and aims to enhance flexibility for crypto-related businesses operating in the country.
The SEC announced the update last Thursday, confirming that the revised regulations will take effect on March 16, 2025. The approval allows the two largest stablecoins to be used for transactions on initial coin offering (ICO) portals, investments in digital tokens, and as base trading pairs on digital exchanges.
Previously, Thailand’s SEC had only authorized a limited number of cryptocurrencies for such purposes—Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar (XLM), and select tokens used in the Bank of Thailand’s financial settlement trials. However, after conducting a public consultation in February, where the majority of respondents supported expanding the list, the regulator moved forward with the inclusion of stablecoins.
The approval marks a significant step for Thailand’s digital asset market, bringing it in line with global trends where stablecoins play a crucial role in crypto trading and payments. USDT, with a market capitalization of approximately $142 billion, remains the dominant stablecoin, followed by USDC at $58 billion. Their inclusion in Thailand’s regulatory framework is expected to drive further adoption in the country.
Tether, the issuer of USDT, welcomed the decision, emphasizing its commitment to the Thai market. “We prioritize supporting the adoption and long-term success of stablecoins in Thailand. Our goal is to contribute to the country’s digital asset ecosystem by ensuring a strong and sustainable stablecoin infrastructure,” said Paolo Ardoino, CEO of Tether.
Thailand has established itself as one of the most crypto-friendly nations in the world, ranking 10th globally in crypto adoption. The SEC’s latest decision is expected to provide more opportunities for businesses and investors engaging in digital asset transactions.
Tether has been expanding its presence globally, having recently relocated its headquarters to El Salvador after obtaining regulatory approval there. The company has also been making strategic investments, including its recent offer to acquire a majority stake in Latin American agricultural firm Adecoagro.
