The financial regulator of Thailand Securities and Exchange Commission (SEC) extends its list of cryptocurrencies approved with the two largest stablecoins, USDT of Tether and USDC of Circle as trading pairs on the exchange of digital assets.
Previously, only Bitcoin (BTC), Ethereum (ETH), XRP, Stellar (XLM) and certain tokens used in the Thailand bank’s regulation system have been approved by the regulator.
This decision comes after a public consultation in February, during which most of the respondents supported the proposal. The new rules from March 16.
By recognizing the USDT and the USDC, Thailand align with global trends where stablecoins play a key role in trading and cryptographic payments. Stablecoins are one of the fastest growth crypto sectors, motivated by demand in developing regions such as Southeast Asia, Africa and Latin America. The USDT has a market capitalization of $ 142 billion, followed by USDC with its market capitalization of $ 58 billion.
The USDT Tether transmitter said on Monday that approval will open the way to a broader acceptance of its token in the Thailand financial sector.
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