Author: Nancy, PANews
Thailand, with its lush tropical ambiance, is a paradise for digital nomads and a hotbed for Web3 entrepreneurship. In the past week, the core forces of the crypto industry have flocked to this "Land of Smiles" to exchange ideas, share innovative achievements.
Thailand has become one of the major hubs for global crypto development and innovation, and an important node in the global expansion of TRON. In this wave of Thailand's blockchain fever, while Justin Sun appeared at the Thailand Blockchain Week, he also gradually unveiled TRON's crypto footprint in Thailand.
The rise of the Thai crypto ecosystem, TRON seizes the stablecoin market
In the early stages of crypto, the Thai government had a cautious or even prohibitive attitude towards this emerging field. However, with the increasing market demand and the booming global crypto industry, the Thai government has begun to re-examine its position and gradually adjust its policies to promote the legalization of cryptocurrencies, incorporating them into the regulatory framework.
At the same time, to promote the sustainable development of the local crypto ecosystem, the Thai government has taken a series of positive measures, especially intensifying its efforts this year. For example, the Thai government announced in February this year to exempt value-added tax on crypto transactions, hoping to promote it as a new fundraising tool and provide strong momentum for the development of Thailand's digital economy; the Thai Securities and Exchange Commission (SEC) announced the amendment of relevant rules to allow qualified investors to invest in US Bitcoin spot ETFs, further expanding investment channels; Thailand has lifted investment restrictions for individual investors in certain digital assets; the Thai government announced this year that it plans to allocate 157 billion Thai baht from the 2025 national budget for digital wallet projects, to enhance the development of the country's digital economy, and claimed that it can boost GDP growth by 1.2-1.6 percentage points...
In addition to policy support, to attract more crypto traders and developers, Thailand has also introduced new "digital nomad" visas and other measures to attract global crypto innovators and investors to conduct business in Thailand, injecting endless momentum into the development of Thailand's digital economy.
This significant change also reflects the gradual shift in the Thai government's attitude towards cryptocurrencies and policy adjustments, making the country a strategic stronghold for global crypto innovators to layout.
Benefiting from its large user base and broad market prospects, the rise of the Thai crypto ecosystem has provided fertile ground for the development of crypto economies like TRON. TRON has set its sights on the key area of stablecoins to expand its market influence in Thailand.
As a new currency carrier, stablecoins have gradually penetrated the global economy, becoming an important tool for daily transactions and fund management. Thailand has also started to layout in this area. For example, Thailand's long-established commercial bank SCB recently provided its customers with stablecoin cross-border payment and remittance services, becoming the first bank in the country to adopt stablecoins for cross-border payments.
In comparison, TRON has already built a strong influence and a wide user base in the stablecoin track, making it more easily recognized by the market. Take the world's largest stablecoin USDT as an example, according to Tether's official website, as of December 2, the market cap of USDT has exceeded $134 billion, of which the TRC20-USDT issued on the TRON network has accounted for more than $61.7 billion, second only to Ethereum, further reflecting the high recognition and urgent demand of the market for it.
"Through TRON's high-performance network, USDT transfers can be executed efficiently and at low cost, not only significantly improving the user experience, but also providing instant confirmation and low-fee services for cross-border payments and local transfers to meet users' fast and secure payment needs," Justin Sun revealed at the Thailand conference. TRON will also explore new models of decentralized finance through the decentralized stablecoin USDD, and will take a series of strong measures, including enhancing transparency, strengthening technical safeguards, and optimizing collateral management, to ensure that USDD can maintain stable operation in economic fluctuations.
Currently, USDT on the TRON network has made progress in its Thai stablecoin layout. In March this year, Southeast Asia's O2O internet mobile platform Grab announced the launch of a crypto recharge service, supporting tokens including TRON-based USDT/USDC. And Thailand's largest crypto exchange Bitkub also announced in September to support TRC20-USDT, providing Southeast Asian users with a more convenient and secure financial service experience. TRON's high-performance network enables efficient and low-cost USDT transfers, meeting users' fast and secure payment needs.
From this, it can be seen that with its open policies, market demand and digital economy potential, Thailand is gradually becoming a key market in TRON's global strategic landscape, and is also advancing its global blockchain journey. At the same time, TRON's deep strength accumulated in the stablecoin market will also bring new possibilities for the development of the crypto economy in Thailand and Southeast Asia.
Launching a "mind war", leveraging Thailand's tens of millions of crypto users
As the famous marketing strategist AL Ries said, the competition in marketing is a competition for the mind, and the ultimate battlefield of marketing competition is not the factory or the market, but the mind. To successfully explore a new market, relying on technology and business layout is far from enough, and it is also necessary to build a golden path to the market's mindshare.
In addition to deeply cultivating the Thai market through business, TRON is also playing the "mind game" card. On the one hand, Justin Sun actively participated in various major crypto events in Thailand, enhancing the brand's visibility and user recognition by showcasing TRON's technological advantages and ecosystem vision. On the other hand, TRON has effectively established brand exposure by sponsoring events like BITKUB SUMMIT 2024, Devcon Berkeley Security Summit, and participating in important activities such as Community Frens and imToken Devcon7, further deepening its influence in Thailand.
For TRON, the enhancement of brand awareness and influence not only effectively helps it seize the mindshare of users in the Thai market, thereby obtaining higher customer conversion rates and potential transaction volume growth, but also opens up new growth points for its own and Thailand's crypto development.
As the second largest economy in Southeast Asia, with the soaring adoption and trading volume of cryptocurrencies, Thailand has gradually emerged as one of the most vibrant crypto ecosystems in the Southeast Asian region, and has quickly become an important competitor in the global crypto market. According to statistics from Statista.com, by the end of 2023, Thailand will have 13.02 million crypto users, accounting for about 18.1% of its total population, and is expected to reach 17.67 million by 2028.
This means that through a series of strategic deployments in Thailand, TRON will not only be able to help consolidate its position in the global crypto ecosystem, but also inject new momentum into the crypto economy of Thailand and Southeast Asia, and help the crypto market break through its circles.
