Thailand’s Securities and Exchange Commission (SEC) has officially approved Tether’s USDT stablecoin for use in the country, marking a significant step in the nation’s digital asset adoption.
The approval allows USDT to be listed on regulated exchanges and used for transactions within Thailand.
Tether announced the SEC’s decision in a blog post on March 10, following a public consultation period that ended last month. The regulatory body confirmed that trading pairs involving USDT will be available starting March 16.
Paolo Ardoino, CEO of Tether, welcomed the approval, emphasizing the company’s commitment to supporting stablecoin adoption in Thailand. He stated that Tether aims to foster a robust and sustainable digital asset ecosystem in the country.
Thailand’s regulators have been gradually expanding the list of approved cryptocurrencies, reflecting growing global interest in stablecoins. Alongside USDT, Circle’s USDC stablecoin has also been approved for trading.
These dollar-pegged digital assets join a list that includes Bitcoin (BTC), Ethereum (ETH), XRP, and Stellar (XLM), among others. Some assets have been introduced through the Bank of Thailand’s regulatory sandbox.
Thai Government Initiatives Aim to Boost Crypto Adoption
The move aligns with Thailand’s broader strategy to position itself as a leading digital asset hub in Asia. A major Thai bank has developed a stablecoin solution under the Bank of Thailand’s regulatory framework.
Additionally, the government has been working on initiatives such as the “Phuket sandbox,” which would enable foreign tourists to use cryptocurrencies for transactions in the popular tourist destination.
The approval comes amid heightened scrutiny of stablecoin issuers. Tether recently appointed Simon McWilliams as chief financial officer to enhance financial transparency and address concerns over the company’s audits.
Following the 2022 crypto market downturn, transparency has become a key issue in the industry. Many exchanges have adopted proof-of-reserves reporting to reassure investors of their financial stability.
While Tether has been publishing quarterly attestations through BDO Italy, some critics continue to call for a comprehensive financial audit.
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