Thailand SEC Approves USDT and USDC Stablecoins for Trading

Thailand’s SEC has approved Tether’s USDT and Circle’s USDC for trading on digital exchanges, effective March 16. This decision follows a supportive public consultation and reflects a growing recognition of stablecoins in the global cryptocurrency landscape. USDT and USDC have market capitalizations of $142 billion and $58 billion, respectively.

The Thailand Securities and Exchange Commission (SEC) has announced the inclusion of Tether’s USDT and Circle’s USDC among its approved cryptocurrencies for trading on digital asset exchanges. This decision, effective March 16, was influenced by a public consultation in February where a majority expressed support for the proposal. Previously, the approved cryptocurrencies only included bitcoin (BTC), ethereum (ETH), XRP, stellar (XLM), and select tokens utilized in the Bank of Thailand’s settlement system.

The approval of USDT and USDC signals a significant alignment of Thailand with global trends that recognize the growing importance of stablecoins in the crypto market. As stablecoins become a crucial component in trading and payments, this regulatory adjustment illustrates the increasing demand observed in developing regions, including Southeast Asia, Africa, and Latin America. Currently, USDT boasts a market capitalization of $142 billion, while USDC has a market cap of $58 billion.

Following this announcement, Tether has stated that the SEC’s approval represents a substantial step towards achieving broader acceptance of its cryptocurrency within Thailand’s financial landscape. This step reflects the dynamic nature of the cryptocurrency sector as countries adjust regulations to enhance their participation in the evolving digital economy.

The Thailand SEC’s approval of USDT and USDC marks a pivotal development in the country’s approach to cryptocurrency regulation. By recognizing these significant stablecoins, the SEC is ensuring that Thailand remains aligned with global trends and ready to accommodate the growing demand for stablecoin transactions. The effective date of March 16 will enable traders to adjust their strategies accordingly, reinforcing Thailand’s position in the expanding global crypto market.

Original Source: www.coindesk.com