The SEC of Thailand officially recognizes USDT and USDC, allowing trading on licensed digital asset exchanges from March 16, 2025.
Thailand approves USDT and USDC as legal cryptocurrencies
According to the announcement of the Securities and Exchange Commission of Thailand (SEC Thailand), the regulatory agency has expanded the list of approved cryptocurrencies by adding the two largest stablecoins in the world: Tether (USDT) and Circle (USDC).
Previously, the SEC of Thailand only recognized BTC, ETH, XRP, XLM and some tokens used in the payment system of the Bank of Thailand. The new decision will take effect from March 16, 2025, after receiving widespread consensus during the public consultation process in February.
Tether praised this decision as an important milestone, paving the way for the use of USDT in Thailand's financial system. This decision helps USDT access one of the fastest-growing crypto markets in Asia, as Thailand is ranked in the top 20 countries with the highest cryptocurrency adoption rate. Currently, USDT accounts for about 40% of the trading volume of cryptocurrencies in the country.
Thailand's Regulator Recognizes Tether's USD₮ as an Approved Cryptocurrency in Major Step for Digital Assets
— Tether (@Tether_to) March 10, 2025
Read more:https://t.co/OYrNk8yUaQ
The SEC of Thailand said that the new regulations aim to increase flexibility in the digital asset industry and create a clearer legal framework for stablecoins. The SEC of Thailand's recognition of USDT and USDC as legal cryptocurrencies not only helps increase liquidity in the market but also opens up opportunities for the application of stablecoins in payments. This move helps Thailand keep up with global trends, as stablecoins are playing an increasingly important role in cryptocurrency trading and payments.
This event occurred just 1 week after Tether appointed a new CFO - Simon McWilliams, to further its efforts in financial transparency and address audit concerns.
USDT currently has a market capitalization of $142.9 billion, holding the top position as the most widely used stablecoin in the cryptocurrency market. Meanwhile, USDC is currently at $58 billion, an increase of more than 110% compared to the 2023 bottom, largely due to the recent growth on the Solana network.
Top 10 stablecoins by market capitalization in the crypto market. Source: Coingecko (March 10, 2025)
Compiled by Coin68
