Thailand's SEC approves USDT and USDC for trading on licensed crypto exchanges.

Stablecoins join Bitcoin, Ethereum, XRP, and Stellar in Thailand's approved crypto list. New rules effective March 16 boost crypto trading and adoption in Thailand.

Thailand’s financial regulator, the Securities and Exchange Commission (SEC), has expanded the list of approved cryptocurrencies. The Southeast Asian nation has now allowed the use of Tether (USDT) and Circle’s USD Coin (USDC) on licensed digital asset exchanges.

The move comes as no surprise considering the growing demand for stablecoins in crypto trading and payments across the globe.

Thailand Regulator Adds USDC, USDT Stablecoins

Announcing the approval on Monday, the SEC stated that the new rules will come into effect on March 16. With this approval, Thailand’s doors open to stablecoins, a crucial part of the global crypto market.

Due to their price stability, stablecoins like USDT and USDC are widely used for trading, payments, and remittances. At present, these stablecoins can be used on several unlicensed exchanges in the country. However, the new regulations will allow licensed exchanges to list and trade these stablecoins, making it easier for investors and traders to move funds within the crypto ecosystem.

The decision to approve USDT and USDC follows a period of public consultation in February, where most participants supported the idea. Across regions like Southeast Asia, Africa, and Latin America, stablecoins have gained popularity due to their reliability and ease of use in transactions.

Moreover, a third-party analysis has shown that around 40% of the total trading activity in the country is contributed by Tether’s USDT. As of now, USDT holds a massive $142 billion market capitalization, while USDC follows with $58 billion.

Push for Tether Transparency

The approval of Tether’s stablecoin comes at a time when the company is facing scrutiny over its financial transparency. Just last week, the company appointed Simon McWilliams as its Chief Financial Officer to address concerns raised by investors.

The company has been publishing quarterly reports verified by BDO Italy, but some critics argue that a full financial audit is needed. After the 2022 market crash, the crypto industry has pushed for more transparency.