The stablecoins join only five other cryptocurrencies that are approved for trading in the country: Bitcoin (BTC), Ether (ETH), XRP (XRP), Stellar Lumen (XLM) and cryptocurrencies that are being tested for settlement by the Bank of Thailand. According to a March 10 announcement by Tether, the approval allows USDt to be adopted by digital asset businesses and be used as a payment rail within the country. Related: Thailand eyes spot Bitcoin ETF approval, cracks down on PolymarketStablecoin adoption on the riseIn addition to facilitating cryptocurrency trades, stablecoins are increasingly viewed as an alternative to traditional remittances, especially in emerging markets. A December report by Chainalysis called stablecoins a “transformative” use case for cross-border payments and remittances.
The Thailand Securities and Exchange Commission (SEC) has approved Tether’s USDt (USDT) and Circle’s USDC (USDC) for cryptocurrency trades, allowing the stablecoins to be listed on regulated exchanges across the country.
This still represents a tiny faction of the 3.4 trillion transactions of the global payments industry. Stablecoin transfers are significantly cheaper and faster than traditional payment methods.
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