The financial regulator of Thailand, the Securities and Exchange Commission (SEC), expanded its list of approved cryptocurrencies. The country has now allowed the use of TETH (USDT) and the USD part of Circle (USDC) on the exchanges of approved digital assets. This decision follows a growing demand for stablescoins in trade and cryptography payments around the world.
The Thailand regulator adds USDC, USDT Stablecoins
With this approval, Thailand opens its doors to Stablecoins, a crucial part of the global cryptography market. Stablecoins such as USDT and USDC are widely used for exchanges, payments and sending funds due to their price stability.
By adding USDT and USDC to its list of approved cryptocurrencies, alongside Bitcoin, Ethereum, XRP and Stellar, Thailand extends its digital active ecosystem. This decision not only improves commercial opportunities, but also strengthens the position of Thailand as an increasing center for the adoption of cryptography in Asia.
The new regulations, which should enter into force on March 16, will allow approved scholarships to list and exchange these stablecoins, which allows investors and traders to more easily move funds within the cryptographic ecosystem.
Thailand is aligned with global cryptography trends
The decision to approve the USDT and the USDC comes after a public consultation held in February, where most of the participants supported the idea. In regions such as Southeast Asia, Africa and Latin America, the stablecoins have gained popularity because of their reliability and their ease of use in transactions.
The attachment alone contributes to around 40% of the country’s total commercial activity. Currently, the USDT has a massive market capitalization of $ 142 billion, while the USDC follows with $ 58 billion.
Press transparency
The approval of Tether’s Stablecoin occurs at a time when the company faces a meticulous examination of its financial transparency. Last week, the company appointed Simon McWilliams as a financial director to respond to concerns about its financial audits.
The company has published quarterly reports verified by BDO Italy, but some criticisms argue that a complete financial audit is necessary. After the 2022 market crash, the cryptographic industry was pressure for more transparency.
