Thailand’s SEC has added Tether’s USDT and Circle’s USDC to its approved cryptocurrencies for trading on exchanges. The decision, effective March 16, follows public support during consultations. This move aligns Thailand with global trends emphasizing stablecoins’ importance in crypto markets, as both USDT and USDC have significant market capitalizations, indicating their growing relevance.
Thailand’s Securities and Exchange Commission (SEC) has officially added Tether’s USDT and Circle’s USDC to its approved cryptocurrency list for trading on digital asset exchanges. This addition will take effect on March 16, following a public consultation in February where the majority favored the proposal. Previously, Thailand only recognized bitcoin (BTC), ethereum (ETH), XRP, stellar (XLM), and specific tokens utilized in the Bank of Thailand’s settlement system.
The inclusion of USDT and USDC reflects Thailand’s commitment to keeping pace with global trends in the cryptocurrency market, particularly the increasing significance of stablecoins in trading and payments. Stablecoins, which are pegged to stable assets, represent a rapidly growing sector, especially in developing markets like Southeast Asia, Africa, and Latin America. USDT boasts a market capitalization of $142 billion, while USDC follows with a $58 billion market cap.
Tether, the issuer of USDT, commented that this regulatory approval will enhance the acceptability of its token within Thailand’s financial landscape. This development signifies a progressive step towards wider cryptocurrency adoption by regulatory bodies in the region, further integrating stablecoins into mainstream financial practices and enhancing trading liquidity on digital asset platforms.
The Thai SEC’s decision to approve USDC and USDT demonstrates a significant shift towards the incorporation of stablecoins in the crypto trading ecosystem. By doing so, Thailand is not only aligning with global trends but also addressing the burgeoning demand for stable digital currencies in emerging markets. This regulatory development is expected to facilitate broader acceptance and use of cryptocurrency in Thailand’s financial sphere.
Original Source: www.coindesk.com
