Thailand Approves USDT and USDC for Crypto Trading

Regulator Greenlights Stablecoins

Thailand’s Securities and Exchange Commission (SEC) has approved Tether (USDT) and Circle (USDC) for trading on regulated exchanges. This decision allows businesses to use these stablecoins for transactions within the country.

The SEC finalized the approval in February after public feedback. The new rules take effect on March 16.

Thailand Expands Its Approved Crypto List

Before this, only five cryptocurrencies were approved for trading in Thailand. These included Bitcoin (BTC), Ether (ETH), XRP, Stellar (XLM), and select tokens used by the Bank of Thailand for settlement.

Now, with USDT and USDC joining the list, stablecoin adoption in the country is growing.

Pushing for Crypto Legitimacy

Thailand has been working to make cryptocurrency more mainstream. In August 2024, regulators created a “sandbox” for businesses to test crypto-related services.

Many believe stablecoins can boost the country’s digital economy. They offer fast transactions without the volatility of traditional cryptocurrencies.

Stablecoins: A Cheaper Alternative to Banks

Stablecoins aren’t just for trading. They’re also becoming a preferred option for sending money across borders.

A December report from Chainalysis found that stablecoins make remittances up to 60% cheaper in some emerging markets. In December alone, 28.5 million unique users sent over 600 million stablecoin transactions.

That number is still tiny compared to the global payments industry, which handles trillions of transactions. But the trend is clear: stablecoins are gaining ground.