Thailand Approves USDT, USDC for Trading On Crypto Exchanges

Thailand’s Securities and Exchange Commission has approved Tether’s USDT and Circle’s USD Coin (USDC) for trading on digital asset exchanges—the latest sign that stablecoin adoption is accelerating globally. 

The stablecoin pairs will become available for trading in Thailand on March 16, Thailand’s Securities Commission said Monday in a statement.  

“We are committed to supporting the long-term success and adoption of stablecoins in Thailand and look forward to contributing to the growth of the country’s digital asset ecosystem by fostering a strong and sustainable stablecoin infrastructure,” Tether CEO Paolo Ardoino said in the statement.

Thai regulators are greenlighting USDT and USDC trading pairs amid an uptick in stablecoin adoption worldwide, as migrants in Central and Southern Asia, Europe, and the Americas increasingly use fiat-pegged tokens to complete cross-border trades and send remittances.

The stablecoin market has grown to $227 billion as of the time of writing, up 22% in the past two years, DeFi Llama data shows. Amid that growth, Thailand has taken steps to position itself as an increasingly friendly jurisdiction for stablecoins and other cryptocurrencies.

Tether and Circle’s dollar-pegged stablecoins join a growing list of cryptocurrencies that are regulated in Thailand. The list includes Bitcoin (BTC), Ethereum (ETH), the Ripple-linked XRP, Stellar (XLM) and a few digital assets issued through the Bank of Thailand’s regulatory sandbox.

Thai officials have made several moves to transform their nation into a major digital asset hub in Asia. Earlier this year, Thailand’s finance minister announced that his government is working on the “Phuket sandbox,” a project that would authorize foreign tourists to use crypto to buy goods and services in one of the nation’s most tourist-heavy cities. Meanwhile, a major Thai bank launched last year a stablecoin solution incubated in the Bank of Thailand’s own sandbox program.

Beyond Thailand, several countries have signaled their embrace of stablecoins. In 2021, El Salvador announced its plans to issue  its first-ever regulated stablecoin. Meanwhile, U.S. lawmakers are expected to advance a legislative framework for stablecoins through the Senate this month.