The Financial Regulator of Thailand, the stock and values commission (SEC) is expanding its cryptocurrency list approved with the two largest stablecoins, the USDT of Tether and the USDC of Circle as commercial pairs in exchanges of digital assets.
Previously, only Bitcoin (BTC), Ethereum (ETH), XRP, Stellar (XLM) and certain tokens used in the Liquidation System of the Bank of Thailand were approved by the regulator.
The measure occurs after a public consultation in February, during which the majority of respondents supported the proposal. The new rules will enter into force on March 16.
When recognizing the USDT and the USDC, Thailand is aligning with global trends where the stables play a key role in trade and cryptography payments. The stable are one of the fastest growing cryptography sectors, driven by demand in the development of regions such as Southeast Asia, Africa and Latin America. USDT has a market capitalization of $ 142 billion, followed by USDC with its market capitalization of $ 58 billion.
The USDT Tether issuer said Monday that the approval paves the way for a broader acceptance of his token in the financial sector of Thailand.
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