The Thai SEC officially approves USDT, USDC, paving the way for stablecoins to participate in the payment system, boosting the potential for remittances and cross-border transactions.

The Securities and Exchange Commission (SEC) of Thailand has officially approved Tether (USDT) and Circle (USDC), paving the way for these two stablecoins to participate in the country's financial system. This decision allows USDT and USDC to be listed on licensed exchanges and used as a means of payment in Thailand, marking an important step in the recognition of cryptocurrencies in the traditional financial sector. According to the SEC's announcement, the new regulations will take effect from 16/3, after the completion of the community consultation process.

The legalization of USDT and USDC reflects a change in Thailand's approach to cryptocurrencies. Previously, the government had licensed the trading of Bit, Block, Circle, DeFi, Token, Tether, defillama, USDT, XRP, TRON, Amp, Vai, Kin, ETH, XLM, FIL, HT, XEM, AR, AMP, USDC, RON, ONG, a16z, and a16z crypto. However, stablecoins not only serve as a trading tool but are also seen as an optimal solution for remittances and cross-border payments, especially in emerging economies where the cost of international money transfers remains high.

According to Chainalysis, the use of stablecoins in remittances in Sub-Saharan Africa can save up to 60% of transaction costs compared to traditional methods. A report from A16z Crypto also noted the strong growth of stablecoins, with 28.5 million users making over 600 million transactions in December 2024 alone. Although still modest compared to the total 3.4 trillion global transactions, this trend shows that stablecoins are gaining widespread acceptance.

Currently, the total supply of stablecoins in circulation globally is around 230 billion USD, according to data from defillama. Of this, Tether (USDT) still dominates the market with 63% of the total value, affirming the position of this stablecoin in the digital financial ecosystem. Thailand's decision may set the stage for other countries in the Southeast Asian region to consider similar policies to promote the adoption of stablecoins in the digital economy.