The Thailand SEC has approved the use of USDt and USDC stablecoins for crypto trades, allowing their listing on the country's regulated exchanges.
Stablecoin Approval in Thailand
Last week, the Thailand Securities and Exchange Commission announced the approval of stablecoins USDt and USDC for cryptocurrency trading. This decision followed feedback solicitation from the public on proposed regulatory changes that were finalized in February and are to take effect on March 16.
Role of Stablecoins in the Global Economy
Stablecoins are increasingly viewed as an alternative to traditional remittances, especially in emerging markets. A December report by Chainalysis called stablecoins a 'transformative' use case for cross-border payments and remittances. Using stablecoins for remittances in regions such as Sub-Saharan Africa is 60% cheaper than traditional methods.
Future of Stablecoins
According to DefiLlama, the total circulating supply of stablecoins has reached nearly $230 billion, with USDt accounting for over 63% of the total market. The popularity of these digital assets continues to grow, driving the transformation of the global payments system.
The approval of stablecoins in Thailand underscores the growing importance of these assets in the global economy. Allowing their use for trades on regulated exchanges may boost the country's cryptocurrency market growth.
