Tether will launch gold Token in the Thai market

On May 13, 2025, the issuer of the world's largest stablecoin USDT announced the launch of gold tokens (XAU₮) on a certain digital asset exchange in Thailand. It is reported that each XAU₮ represents 1 ounce of physical gold.

Previously, on March 10, 2025, the Thai SEC recognized USDT as a legal cryptocurrency. At the same time, the Thai government expressed its intention to use cryptocurrency and blockchain technology to promote the development of the local tourism industry.

The issuer of USDT partnered with Thailand's largest cryptocurrency exchange back in December 2023 to launch a stablecoin and blockchain knowledge education project locally. The two parties aim to enhance Thai users' understanding of digital finance through various means such as establishing courses and hosting events. It is worth mentioning that USDT is the largest trading stablecoin on the exchange.

According to the Q1 2025 financial report, as of March 31, the market value of the stablecoins issued by USDT is approximately $143.7 billion, with holdings of U.S. Treasury bonds amounting to about $120 billion. In Q1, the new supply of USDT was approximately $7 billion, with an addition of 46 million user wallets.

Despite its leading position in the stablecoin space, the issuer of USDT has been actively embracing regulation in recent years to gain more regulatory support and market share. On January 13 of this year, the company announced it would move its headquarters from the British Virgin Islands to El Salvador after obtaining a digital asset service provider license in El Salvador, and executives also purchased homes locally and obtained residency.

As one of the most active economies in Southeast Asia, Thailand is a world-renowned tourist destination, with an export-oriented economy and frequent cross-border flow of funds and personnel. Under the influence of multiple factors, the Thai government has adopted a relatively friendly policy towards digital assets, attracting numerous industry giants and startups to develop cryptocurrency businesses here. In the 2024 Global Cryptocurrency Adoption Index, Thailand ranks 16th.

Overview of Digital Asset Regulation in Thailand

Thailand's regulatory attitude towards crypto assets has shifted from cautious to proactive, closely related to the global trends in the digital economy and adjustments in Thailand's economic strategy.

In May 2018, Thailand issued the "Digital Asset Business Act", categorizing digital assets into two types: cryptocurrencies and digital tokens. The act primarily regulates from two aspects: first, the issuance of digital tokens; second, the operation of digital asset businesses, including multiple roles such as exchanges and market makers.

Token Issuance Regulation

1. Regulated token issuance: investment tokens, utility tokens ready for listing, and cryptocurrencies. The issuance of such tokens requires obtaining regulatory approval, submitting registration applications and prospectuses, and meeting relevant qualification requirements.

2. Exempt regulatory token issuance: digital tokens issued by central banks, consumption-based utility tokens, and limited issuance that meets specific conditions.

regulation of digital asset exchanges

Regulated digital asset exchanges must meet the following conditions:

1. Register a legal entity in Thailand and obtain a license from the Ministry of Finance.
2. Shall not engage in digital asset trading business
3. The paid-in registered capital shall not be less than 100 million Thai Baht.
4. Maintain the stipulated net asset level
5. Comply with anti-money laundering and anti-terrorism financing regulations
6. Fulfill KYC, CDD, and suspicious transaction reporting obligations

Suggestions

1. To carry out token issuance business in Thailand, it is necessary to register a local company and assess whether a regulatory license is required based on the characteristics of the token.

2. The company management must not have a record of bankruptcy or criminal cases.

3. The company should have a reliable business plan and audited financial statements.

4. Timely disclose the company's operational and financial data in accordance with regulatory requirements.

Thailand's digital asset regulatory policies are constantly being improved, and companies should closely monitor the latest developments to ensure compliance.