Thailand's Securities and Exchange Commission has expanded its list of approved cryptocurrencies, including USDC and USDT, amid global demand for stablecoins.
Approval of USDC and USDT Stablecoins
Thailand opens its doors to stablecoins, essential in the global crypto market. Stablecoins like USDT and USDC are widely used for trading, payments, and remittances due to their price stability. By adding USDT and USDC alongside Bitcoin, Ethereum, XRP, and Stellar to its list of approved cryptocurrencies, Thailand expands its digital asset ecosystem.
Alignment with Global Crypto Trends
The decision to approve USDT and USDC came after a public consultation held in February, where most participants supported the idea. In regions like Southeast Asia, Africa, and Latin America, stablecoins have gained popularity due to their reliability and ease of use in transactions.
Push for Transparency
The approval of Tether’s stablecoin comes at a time when the company is facing scrutiny over its financial transparency. Just last week, the company appointed Simon McWilliams as its Chief Financial Officer to address concerns regarding its financial audits. The company has been publishing quarterly reports verified by BDO Italy, but some critics argue that a full financial audit is needed. Following the 2022 market crash, the crypto industry has pushed for more transparency.
The expansion of Thailand’s approved stablecoin list strengthens its position as a growing crypto hub in Asia and creates new opportunities for investors and traders.
