Tether Gold Expands Reach to Thailand
Tether, the issuer of the world’s largest stablecoin, USDt, is further solidifying its global presence by bringing its tokenized gold digital asset, Tether Gold (XAUt), to Thailand. This move follows a recent regulatory development that has paved the way for stablecoin adoption in the country.
In a May 13 announcement, Tether confirmed that XAUt has been listed on Maxbit, a licensed digital asset exchange operating under the oversight of the Thai Securities and Exchange Commission (SEC). This listing marks Maxbit as the first exchange in Thailand to offer a “tokenized gold pair backed by physical gold,” according to an announcement by the platform.
Thailand‘s Evolving Regulatory Landscape
Tether Gold‘s entry into the Thai cryptocurrency market reflects a broader trend of increasing regulatory acceptance for stablecoins in the country. In March, the Thai SEC gave the green light to US dollar-backed stablecoins like Tether’s USDt and Circle’s USDC, allowing them to be listed on regulated exchanges across Thailand.
This regulatory shift signifies Thailand‘s commitment to fostering a more mature and regulated crypto ecosystem, making it an attractive destination for international players like Tether.
Maxbit: A Key Player in the Thai Crypto Landscape
Maxbit, launched in October 2023, has quickly established itself as a prominent player in the Thai digital asset market. Notably, the exchange is backed by significant players in the Thai business landscape.
- PTG Energy, a prominent Thai energy conglomerate, holds a 35% stake in Maxbit, making it the largest shareholder.
- Spearhead Labs and Unit Company, two local private firms, are also major backers, holding 29% and 28.7% shares respectively.
This strong backing indicates Maxbit‘s commitment to building a sustainable and reliable platform within the Thai market. Tether Gold‘s listing on Maxbit, therefore, positions the exchange as a key player in facilitating the growing demand for tokenized gold assets in the country.
Implications for the Thai Crypto Market
The listing of Tether Gold on Maxbit is expected to further boost the adoption of digital assets in Thailand. The stablecoin‘s gold backing provides a level of security and stability, attracting investors seeking to diversify their portfolios.
This development underscores Thailand‘s growing embrace of the crypto industry, a trend that could attract further investments and innovation to the country’s digital asset ecosystem.
“The listing of Tether Gold on Maxbit marks a significant step forward for the Thai cryptocurrency market. This move demonstrates Thailand‘s commitment to embracing innovation and providing investors with access to a wide range of digital assets.” – A spokesperson for Maxbit
This is a developing story, and further updates will be provided as they become available.
