Thailand Expands Its List of Approved Cryptocurrencies to Include Tether (USDT) and Circle's USD Coin (USDC)

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

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

The news comes after a period of public consultation, during which most participants supported the idea of approving these stablecoins.

The Southeast Asian country is a rising hub for crypto adoption in the region. As such, its decision to add stablecoins to its ecosystem follows a wider trend of growing demand for stablecoins for crypto trading and payments.

The SEC’s decision to approve USDT and USDC follows a broader initiative by the regulator to create a comprehensive legal framework for digital assets in Thailand.

Earlier this year, the SEC unveiled new regulations for crypto exchanges, requiring them to maintain a minimum capital of 100 million baht ($3.2 million) and undergo regular audits. These regulations, which are set to take effect on March 16, will also permit licensed exchanges to list and trade Bitcoin, Ethereum, Stellar, XRP, and the approved stablecoins.

The approval of USDC and USDT follows a public consultation held in February, where most participants supported the idea. Especially across Southeast Asia, Africa, and Latin America, stablecoins have become preferred due to their stability and ease of use in transactions.

Especially Tether's stablecoin is heavily used in the country, contributing to around 40% of the total trading activity. As of now, USDT holds a massive $142 billion market capitalization, while USDC follows with $58 billion.

The news comes after Tether has been facing scrutiny over its financial transparency. Just last week, the company appointed Simon McWilliams as its Chief Financial Officer to address concerns regarding its financial audits.

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