Thailand Regulator Adds USDC, USDT to Approved Cryptos

Thailand's Securities and Exchange Commission (SEC) has recently added two major stablecoins, Tether's USDT and Circle's USDC, to its list of approved cryptos.

The approval follows a public consultation in February, where the majority of respondents supported the proposal. The new regulations will take effect on March 16, 2025.

The SEC previously approved Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and certain tokens used in the Bank of Thailand’s settlement system. USDT and USDC are now added to this list.

Stablecoins like USDT and USDC are designed to maintain a stable value, typically pegged to a reserve of assets like traditional fiat currencies. They are widely used in remittances, and decentralized finance (DeFi) applications.

The approval aligns Thailand with global trends where stablecoins are increasingly significant in payments. USDT has a market capitalization of approximately $142 billion, while USDC's is about $58 billion.

The move is part of Thailand's broader strategy to expand its digital asset ecosystem, making it more conducive to the growth of crypto and stablecoins.

This development is expected to enhance the adoption and use of stablecoins in Thailand, contributing to the country's digital asset infrastructure.

It's me, @justmythoughts, an ordinary Hive user looking to make the most of the platform. I will appreciate your support. Follow me for more. Thanks, Gracias :)

Posted Using INLEO