Thailand’s SEC has approved Tether’s USDT and Circle’s USDC for trading on digital asset exchanges, effective March 16. This follows a public consultation that favored the proposal. The move aligns Thailand with global trends emphasizing the importance of stablecoins in crypto trading, with USDT and USDC having market capitalizations of $142 billion and $58 billion, respectively.
Thailand’s Securities and Exchange Commission (SEC) has officially included Tether’s USDT and Circle’s USDC in its list of approved cryptocurrencies for trading on digital asset exchanges. This significant decision will come into effect on March 16, following a public consultation conducted in February where the majority of respondents favored the proposal.
Prior to this approval, only Bitcoin (BTC), Ethereum (ETH), XRP, Stellar (XLM), and select tokens utilized in the Bank of Thailand’s settlement system could be traded. The integration of USDT and USDC marks a pivotal alignment with global trends which recognize the increasing importance of stablecoins in both crypto trading and payments.
The approval signifies a noteworthy development in Thailand’s financial landscape, with USDT and USDC boasting market capitalizations of approximately $142 billion and $58 billion, respectively. Stablecoins, particularly in developing regions such as Southeast Asia, Africa, and Latin America, are among the fastest-growing sectors in the cryptocurrency market, showcasing their rising demand and acceptance.
Tether, the issuer of USDT, expressed that this approval enhances the opportunity for wider acceptance of its token within Thailand’s financial ecosystem, thereby potentially fostering greater participation in the cryptocurrency market in the region.
The addition of Tether’s USDT and Circle’s USDC to Thailand’s approved cryptocurrency list marks a strategic advancement for the nation’s digital asset regulations. This decision reflects growing global trends favoring stablecoins, enhancing their role in trading and payments. Ultimately, this milestone is expected to contribute to the increasing integration and acceptance of cryptocurrency within Thailand’s financial framework.
Original Source: www.coindesk.com
