Thailand’s Securities and Exchange Commission (SEC) has approved the use of Tether (USDT) and USD Coin (USDC) in digital asset transactions, expanding the list of cryptocurrencies eligible for investment and trading. The decision, announced on March 6, allows these stablecoins to serve as base trading pairs on digital asset exchanges, support investments in Initial Coin Offerings (ICOs), and facilitate transactions through ICO portals. The new regulation will take effect on March 16.
The approval follows a public hearing conducted in February, where most respondents supported the amendment. Previously, the SEC had restricted the list of approved cryptocurrencies to Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar (XLM), and digital assets used in the Bank of Thailand’s Programmable Payment Sandbox. The move to include USDT and USDC reflects growing demand for stable digital currencies in Thailand’s expanding crypto sector.
The inclusion of USDT and USDC marks a significant shift in Thailand’s digital economy. These stablecoins dominate nearly 90% of the $227 billion global stablecoin market. Their approval as base trading pairs provides greater liquidity and price stability, reducing volatility concerns for traders and investors in Thailand.
Tether CEO Paolo Ardoino welcomed the decision, stating that Tether aims to provide a “secure and transparent stablecoin experience” while supporting Thailand’s digital asset ecosystem. Market analysts predict that the expanded use of stablecoins will attract more institutional investors and boost Thailand’s position as a regional hub for digital finance.
Thailand ranks among the top 20 nations in cryptocurrency adoption, with regulatory efforts focusing on both investor protection and financial innovation. The SEC’s decision aligns with the country’s broader approach to integrating digital assets within a structured regulatory framework.
Thailand’s Broader Crypto Strategy
The SEC’s move comes amid a broader push to modernize Thailand’s financial infrastructure. Last month, the agency announced plans to launch a distributed ledger-based trading platform for tokenized securities. The system, designed for securities companies, will enable the trading of digital tokens and facilitate electronic securities issuance and bond trading.
“The SEC is leveraging technology to enhance efficiency in the capital market by promoting an electronic securities ecosystem,”
said Jomkwan Kongsakul, deputy secretary-general of the SEC. She added that new regulations would streamline digital securities issuance and allow online purchases of debentures. The platform will support multiple blockchain networks, with interoperability standards to enable cross-chain trading.
Four digital token projects have already been approved for the SEC’s new debt instrument trading system, with two more under review. The additional projects focus on green tokens and investment-based initiatives. Regulators expect that further digitalization will enhance transparency, reduce settlement times, and attract both domestic and international investors.
Global Stablecoin Adoption and Regulatory Moves
Thailand’s decision mirrors broader regulatory discussions on stablecoins worldwide. In the United States, President Donald Trump has set an August deadline for advancing stablecoin regulations. This has prompted traditional financial institutions to explore stablecoin integration into mainstream banking services.
Major financial firms, including Bank of America and Standard Chartered, are exploring stablecoin projects. Bank of America has expressed interest in launching its own 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 signal increasing acceptance of stablecoins in traditional finance.
Thailand is also considering the introduction of a government-backed stablecoin tied to government bonds. Though no official announcement has been made, former Prime Minister Thaksin Shinawatra has publicly supported stablecoin-backed financial instruments, arguing that they pose “no risk” when backed by tangible assets.
Meanwhile, the Thai central bank has maintained restrictions on using cryptocurrencies for payments. However, a Bitcoin payment sandbox is set to launch in Phuket later this year, allowing foreign tourists to use cryptocurrency as an alternative payment option. Regulators will assess the associated risks before deciding on broader implementation.
