Thailand’s regulator approves Tether’s USD₮ as a major cryptocurrency
Tether, a prominent entity in the digital assets sector, has disclosed that the Securities and Exchange Commission of Thailand has approved USD₮ as a recognized cryptocurrency. This development signifies a significant milestone for Tether, allowing for the trading of USD₮ within Thailand. This acceptance also opens doors for USD₮ to be listed on regulated platforms and potentially be used for transactions, contributing to the advancement of digital asset innovation in the region.
The updated regulations, set to go into effect on March 16, 2025, are designed to increase the flexibility of digital asset operations. Prior to finalizing these changes in February 2025, the SEC had sought input from the public, receiving substantial support from industry participants. The approval of USD₮ as an official cryptocurrency by the regulatory authority not only marks a crucial moment in the evolution of digital assets in Thailand but also serves as a vital step in refining and strengthening the country’s regulatory framework. This move is expected to offer investors more options and flexibility, fostering a more vibrant and resilient digital asset sector in the region.
Thailand has been positioned as a favorable environment for digital assets in recent years, ranking among the top 20 nations globally for adoption rates. USD₮, which constitutes about 40% of trading volumes, is a significant player in this space. With a market capitalization of $142 billion, Tether’s USD₮ stands as the most widely utilized stablecoin worldwide, serving as a dependable means to bridge traditional fiat systems with digital economies.
CEO of Tether, Paolo Ardoino, expressed the company’s commitment to the Thai market and its ongoing efforts to enhance its services. Highlighting the importance of providing users in Thailand with a secure and transparent stablecoin experience, he emphasized Tether’s dedication to supporting the long-term success and adoption of stablecoins in the country. By contributing to the development of a robust and sustainable stablecoin infrastructure, Tether aims to play a part in nurturing Thailand’s digital asset ecosystem.
Thailand’s progressive approach to regulating digital assets establishes a global standard, with USD₮ playing a central role in promoting economic growth and digital transformation in the region. This regulatory approval underscores Tether’s dedication to bridging the gap between traditional and decentralized financial systems while upholding principles of security, reliability, and efficiency. Thailand’s proactive stance on stablecoins is evident in its thriving digital asset market backed by the Thai baht.
