tl;dr
Thailand's SEC has approved Tether (USDT) and Circle’s USD Coin (USDC) for digital asset transactions, allowing them to serve as base trading pairs on exchanges, support investments in ICOs, and facilitate transactions through ICO portals. The rule will take effect on March 16, following a public he...
Thailand's SEC has approved Tether (USDT) and Circle's USD Coin (USDC) for digital asset transactions, marking a significant milestone for stablecoin adoption in the country. This decision allows these stablecoins to serve as base trading pairs on exchanges, support investments in ICOs, and facilitate transactions through ICO portals. The rule will take effect on March 16, following a public hearing in February. Tether CEO Paolo Ardoino welcomed the move, emphasizing the company's commitment to Thailand's digital economy.
The stablecoin sector, led by USDT and USDC, is expanding, with the two coins dominating nearly 90% of the $227 billion market. Regulatory discussions in the US and efforts by traditional financial institutions to explore stablecoin integration indicate broader adoption across global finance. Market analysts expect further growth, particularly as regulatory discussions gain momentum. In the US, President Donald Trump has set an August timeline for advancing regulatory clarity, prompting traditional financial institutions to explore stablecoin integration.
Several major banking, payments, and fintech players are actively developing stablecoin-related services, signaling broader adoption across global finance. For instance, Bank of America has expressed interest in launching its stablecoin, pending regulatory approval. Standard Chartered is working on a Hong Kong dollar-pegged stablecoin, while PayPal plans to expand its PYUSD offering in 2025.
These developments indicate a growing acceptance of stablecoins across traditional finance, bridging the gap between conventional banking and digital assets.