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Thailand's financial regulator, the Securities and Exchange Commission (SEC), has expanded its list of approved cryptocurrencies.
According to Coindesk, the Thai SEC has recently added the two largest stablecoins, Tether’s $USDT and Circle’s $USDC, to its list of approved cryptocurrencies.
The new regulations will come into force on March 16.
Apart from $USDT and $USDC, the Thai SEC had previously only approved Bitcoin (BTC), Ethereum (ETH), XRP, Stellar (XLM) and some tokens used in the Central Bank of Thailand's payment system.
$USDT has a market value of $142 billion, followed by $USDC with a market value of $58 billion.
Tether said the approval from Thailand paves the way for $USDT to gain wider acceptance in Thailand's financial sector.
“The Thailand Securities and Exchange Commission has announced that it has accepted USD₮ as an approved cryptocurrency.
“This approval enables USD₮ to be traded domestically, facilitating listing on regulated exchanges and paving the way for USD₮ to be accepted for payments, further advancing the region’s leadership in digital asset innovation.”
Tether CEO Paolo Ardoino said: “We greatly value the Thai market and are constantly exploring ways to improve our services and offerings. Our priority is to provide users in Thailand with a secure, transparent and reliable stablecoin experience. We are committed to supporting the long-term success and adoption of stablecoins in Thailand and look forward to contributing to the growth of the country’s digital asset ecosystem by building a strong and sustainable stablecoin infrastructure.”
*This is not investment advice.