Thailand's Securities and Exchange Commission (SEC) has recently expanded its list of approved cryptocurrencies, adding the two largest stablecoins: USDT and USDC. The new regulations will come into effect on March 16.
Expansion of Approved Cryptocurrencies
According to Coindesk, the Thai SEC has added Tether's USDT and Circle's USDC to its list of approved cryptocurrencies. This expansion enables these digital assets to gain wider acceptance in Thailand's financial sector.
Current and New Cryptocurrencies in Thailand
Previously, the Thai SEC had only approved Bitcoin (BTC), Ethereum (ETH), XRP, Stellar (XLM), and some tokens used in the Central Bank of Thailand's payment system. The new assets, USDT with a market value of $142 billion and USDC with a market value of $58 billion, join this list.
Comments from Tether Representatives
Tether has noted that this approval opens the way for USDT to gain broader usage within Thailand's financial sector. Tether CEO Paolo Ardoino stated that they highly value the Thai market and are committed to improving their services for users in the country.
The approval of stablecoins USDT and USDC in Thailand marks a significant step towards integrating digital assets into the national economy, opening new opportunities for use and development.
