Thailand's Securities and Exchange Commission (SEC) has officially approved Tether’s USDT and Circle’s USDC for cryptocurrency trades, marking a major step toward mainstream adoption. The decision allows these stablecoins to be listed on regulated exchanges, making them accessible to traders and businesses nationwide.

The approval follows months of public consultation on regulatory changes finalized in February, which came into effect on March 16. Thailand has been steadily moving toward broader cryptocurrency acceptance, creating a regulatory sandbox in August 2024 to test crypto integration within the financial system.

With the latest approval, USDT and USDC join a small group of cryptocurrencies legally tradable in Thailand, including Bitcoin, Ether, XRP, and Stellar Lumen, as well as digital assets currently being tested by the Bank of Thailand for settlements.

Tether highlighted that this move enables digital asset businesses in Thailand to adopt USDT as a payment mechanism, increasing its utility beyond just trading. Stablecoins, widely seen as a bridge between traditional finance and crypto, are becoming key players in global financial transactions.

Beyond trading, stablecoins are proving to be a game-changer for remittances, especially in emerging markets. A Chainalysis report noted that stablecoin transactions offer significant cost savings—up to 60% cheaper than traditional remittance methods in regions like Sub-Saharan Africa.

According to a16z Crypto, 28.5 million unique stablecoin users conducted over 600 million transactions in December 2024, though this remains a fraction of the global payments industry’s 3.4 trillion transactions. Stablecoins currently hold a $230 billion market cap, with USDT dominating at 63%.

Thailand’s approval of USDT and USDC is a clear signal that the country is embracing digital assets, setting a precedent for further regulatory advancements in the region.