Thailand approves USDT and USDC for regulated crypto trading

Thailand’s Securities and Exchange Commission (SEC) has approved Tether’s USDT (CRYPTO:USDT) and Circle’s USDC (CRYPTO:USDC) for cryptocurrency trading, marking a significant step in integrating stablecoins into the country’s financial system.

The approval, announced on March 10, follows a public consultation process concluded in February, with the new regulations set to take effect on March 16.

The inclusion of USDT and USDC expands Thailand’s list of approved cryptocurrencies, which previously included Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), XRP (CRYPTO:XRP), Stellar (CRYPTO:XLM), and tokens used in the Bank of Thailand’s settlement system.

This move aligns with global trends where stablecoins are playing a growing role in digital payments and crypto trading.

According to Tether, the approval will allow USDt to be adopted by digital asset businesses in Thailand and used as a payment rail.

Tether CEO Paolo Ardoino welcomed the decision, emphasising its potential to support Thailand’s digital economy by offering secure and transparent stablecoin solutions.

Stablecoins are increasingly viewed as transformative tools for cross-border payments and remittances, particularly in emerging markets.

A report by Chainalysis highlighted that using stablecoins for remittances can be up to 60% cheaper than traditional methods.

Globally, stablecoins have a circulating supply worth nearly $230 billion, with USDT accounting for over 63% of the market.

The Thai SEC’s decision reflects a broader effort to regulate and legitimise cryptocurrency usage within the country.

It follows the establishment of a regulatory sandbox in 2024 that allowed select service providers to experiment with digital assets.

By approving stablecoins, regulators aim to enhance flexibility for digital asset issuers and investors while ensuring compliance with financial stability measures.

At the time of reporting, the Tether (USDT) price was $0.9995, and the USDC (USDC) price was $0.9999.