Thailand’s SEC has recently approved Tether’s USDT and Circle’s USDC for digital asset trading, effective March 16. This expands the list of authorized cryptocurrencies, previously restricted to a few select tokens. The decision follows public support and reflects a growing trend towards stablecoins in global crypto markets.
The Thailand Securities and Exchange Commission (SEC) has added two major stablecoins, Tether’s USDT and Circle’s USDC, to its approved list of cryptocurrencies for trading on digital asset exchanges. This decision, effective from March 16, signifies a shift from the previous approval that only included bitcoin (BTC), ethereum (ETH), XRP, stellar (XLM), and select tokens utilized in the Bank of Thailand’s settlement system.
The SEC’s approval followed a public consultation held in February, in which a significant majority supported the inclusion of USDT and USDC. This move aligns Thailand with global trends recognizing the growing importance of stablecoins in both crypto trading and payments. The market capitalizations of USDT and USDC are currently $142 billion and $58 billion, respectively.
The adoption of USDT and USDC can facilitate broader acceptance of these tokens within Thailand’s financial sector. This initiative reflects an increasing demand for stablecoins, especially in developing regions such as Southeast Asia, Africa, and Latin America, indicating a vital expansion in the cryptocurrency landscape.
In summary, the Thailand SEC’s approval of Tether’s USDT and Circle’s USDC marks a significant enhancement of the country’s cryptocurrency framework, expanding beyond previously sanctioned assets. This aligns with global shifts toward stablecoins, which are critical for the evolution of crypto trading and payments, especially in emerging markets.
Original Source: www.coindesk.com
