In the land of smiles, where the sun kisses the golden temples, the Thailand Securities and Exchange Commission (SEC) has bestowed its approval upon the illustrious Tether’s USDt (USDT) and Circle’s USDC (USDC). These stablecoins, akin to the steadfastness of a farmer’s plow, are now permitted to dance upon the regulated exchanges of this vibrant nation.
Last week, the SEC, in a moment of profound wisdom, announced these approvals after gathering the murmurs of the public, who, like peasants in a field, voiced their thoughts on the proposed regulatory changes. These changes, finalized in the chill of February, are set to take root on March 16, much like the first blossoms of spring.
As the esteemed CryptoMoon has previously noted, there is a growing chorus within Thailand, urging the legitimization of cryptocurrency usage. This call to arms for stablecoin adoption aims to bolster the domestic coffers, following the establishment of a regulatory sandbox in August 2024, where select service providers may frolic with cryptocurrencies like children in a playground.
These stablecoins now join the ranks of five other noble cryptocurrencies approved for trading in the kingdom: Bitcoin (BTC), Ether (ETH), XRP (XRP), Stellar Lumen (XLM), and those cryptocurrencies currently under the watchful eye of the Bank of Thailand, as they are tested for settlement.
In a proclamation made on March 10, Tether announced that this approval allows USDt to be embraced by digital asset businesses, serving as a payment rail within the country. Ah, the irony! A digital currency, once viewed with skepticism, now finds itself as a trusted steed in the marketplace.
Stablecoin Adoption: A Rising Tide 🌊
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In terms of circulating supply, stablecoins now boast a value nearing $230 billion, as reported by DefiLlama. Tether’s USDt, the heavyweight champion, accounts for just over 63% of this total market. It seems that in the world of finance, some coins are more equal than others!
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2025-03-10 18:15