Thailand's Securities and Exchange Commission (SEC) has given the green light to the use of Tether's USDT and Circle's USDC in cryptocurrency trading, which will allow these stablecoins to be listed on regulated exchanges in the country.
Thailand's SEC announced the approvals last week after gathering public feedback on the proposed regulatory changes finalized in February, with implementation set for March 16.
There has been growing demand in Thailand to legitimize the use of cryptocurrencies and promote the adoption of stablecoins to increase national revenues. This comes after a regulatory sandbox was established in August 2024 to allow certain service providers to experiment with cryptocurrencies.
The approved stablecoins join a limited list of five other cryptocurrencies permitted for trading in Thailand, including Bitcoin, Ether, XRP, Stellar Lumen and those participating in the Bank of Thailand's settlement testing.