Source: Cointelegraph Original: "{title}"
The Securities and Exchange Commission (SEC) of Thailand has approved Tether's Tether coin and Circle's USD Coin for cryptocurrency trading, allowing these two stablecoins to be listed on regulated exchanges in Thailand.
The Thai SEC announced this approval decision last week. Prior to this, the commission sought public opinion on several regulatory reform proposals, which were finalized in February and are set to take effect on March 16.
As previously reported by Cointelegraph, there has been an increasing call within Thailand to legalize the use of cryptocurrencies and promote the application of stablecoins to boost domestic revenue. Before this, Thailand established a regulatory sandbox in August 2024 for certain service providers to experiment with cryptocurrencies.
These two stablecoins join the ranks of only five other approved tradable cryptocurrencies in Thailand: Bitcoin, Ethereum, Ripple, Stellar, and the cryptocurrency that the Bank of Thailand is testing for settlement.
According to Tether's announcement on March 10, this approval allows Tether coins to be adopted by digital asset businesses and used as a payment channel domestically in Thailand.
The application of stablecoins is on the rise
In addition to facilitating cryptocurrency trading, stablecoins are increasingly being viewed as an alternative to traditional remittance methods, especially in emerging markets.
A report released by Chainalysis in December stated that stablecoins are a "transformative" use case in the field of cross-border payments and remittances. For instance, in emerging markets in Sub-Saharan Africa, using stablecoins for remittances is 60% cheaper than traditional methods.
According to venture capital firm a16z Crypto, in December alone, 28.5 million unique stablecoin users conducted over 600 million transactions. However, this still represents only a tiny fraction of the 340 trillion transactions in the global payments industry.
Stablecoin transfers are much cheaper and faster than traditional payment methods. Source: a16z Crypto
According to DefiLlama, the total value of stablecoins in circulation is currently close to $230 billion. Tether's Tether coin accounts for just over 63% of the entire market.
Related: The Thai SEC plans to launch a tokenized securities trading system.
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