Thailand’s SEC Recognizes Tether’s USDT As Approved Cryptocurrency
Highlights
- Thailand's SEC has approved USDT as an official cryptocurrency.
- The approval will allow virtual asset service providers to offer the stablecoin on their platforms.
- Tether holds a chunk of the stablecoin market but big entities are angling to issue their own offerings.
Thailand’s Securities and Exchange Commission (SEC) has given the nod to Tether’s USDT to operate in the country. The move will see USDT granted legal approval in the Southeast Asian country as it seeks global regulatory compliance.
USDT Approved As Cryptocurrency In Thailand
Thailand’s securities watchdog has approved USDT as a legal cryptocurrency, clarifying its status after years of regulatory back and forth. According to a press release, the SEC’s approval follows Tether’s compliance with local regulations with the Commission keen on improving “flexibility” for cryptocurrency businesses.
Per the announcement, Tether can be legally traded in the country and listed on regulated cryptocurrency exchanges. The largest stablecoin by market capitalization will see increased usage by Thai residents and enterprises amid a gale of digitization.
“We highly value the Thai market and are continuously exploring ways to enhance our services and offerings,” said Tether CEO Paolo Ardoino. “Our priority is to provide users in Thailand with secure, transparent, and reliable stablecoin experiences.”
Thailand is transforming itself into a force in Southeast Asia, setting the pace in cryptocurrency regulations and adoption.
Across the board, stablecoin issuers are jostling for regulatory approvals in several jurisdictions. Circle secured DFSA approval for USDC in the Dubai International Financial Centre, triggering an “arms race” for approvals between the biggest stablecoin issuers.
Tether Faces Increasing Competition From Rivals
USDT holds a clear lead over the stablecoin market with its market capitalization of $142 billion. Its closest rival, USDC, sits in second place with a market capitalization of $52 billion.
However, Tether’s control over the sector is under threat with scheduled PYUSD integrations set to challenge USDT’s dominance in 2025. Furthermore, Tether’s exclusion by the EU for approved stablecoin issuers under its Markets In Crypto-Assets (MiCA) regulations has complicated things USDT.
Global financial institutions are angling to roll out their stablecoins for cross-border payments, a move that could affect Tether’s market share. Bank of America CEO Brian Moynihan disclosed plans to launch a stablecoin offering following regulatory clarity from the US government.
“If they make that legal, we will go into that business,” Moynihan said.
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