This article explores Tether’s strategic expansion into Thailand and summarizes key characteristics of the country’s digital asset regulatory framework.

On May 13, 2025, Tether, the issuer of USDT, announced the listing of its gold-backed token (XAU₮) on Thai digital asset exchange Maxbit. Each XAU₮ token represents 1 troy ounce of physical gold.

This move follows two major developments:

• March 10, 2025: Thailand’s SEC officially recognized USDT as an approved cryptocurrency. The Deputy Prime Minister also expressed intentions to leverage crypto and blockchain to boost tourism.

• December 7, 2023: Tether partnered with Bitkub, Thailand’s largest crypto exchange, to launch an educational initiative on stablecoins and blockchain.

Figure 1: Tether’s announcement of XAU₮ entering Thailand

Tether, with a market cap of $143.7 billion (Q1 2025) and $120 billion in U.S. Treasury holdings, has actively pursued regulatory compliance—relocating its HQ to El Salvador in January 2025 after securing a Digital Asset Service Provider (DASP) license.

Thailand ranks 16th globally in Chainalysis’ 2024 Crypto Adoption Index, driven by:

• A tourism-driven, export-oriented economy with cross-border capital flows.

• Progressive policies attracting crypto firms and startups.

Figure 2: Thailand’s position in Chainalysis’ 2024 Global Crypto Adoption Index

Thailand transitioned from caution to embracing digital assets, formalized by the Digital Asset Business Decree (2018), which classifies assets into:

• Cryptocurrencies: Exchange mediums (e.g., USDT).

• Digital Tokens: Representing rights/utilities (e.g., STOs).

Requirements for issuers:

1. Obtain SEC approval.

2. Submit a prospectus.

3. Meet资质条件 (qualifications).

Examples:

• Real estate tokens: In 2022, SC Asset raised ฿300M (~$8M) via Thailand’s first approved STO.

• Infrastructure/sustainability tokens.

No SEC approval needed for:

• Bank of Thailand-issued tokens.

• Consumer utility tokens:

  • Limited to specific ecosystems (e.g., CeFi/DeFi platforms).

  • Includes exchange loyalty tokens or voting-rights tokens.

• Limited offerings:

  • Target: Institutional/ultra-wealthy investors OR ≤50 persons with issuer ties (12-month cap).

  • Max raise: ฿20M (~$540K).

Licensing requirements:

1. Thai-registered entity +财政部 (Ministry of Finance) license.

2. Prohibited: Proprietary trading.

3. Minimum paid-up capital: ฿100M (~$2.7M).

4. Maintain regulatory net asset levels.

5. Comply with AML/CFT laws, KYC/CDD, and suspicious activity reporting.

For businesses entering Thailand:

1. Establish a local entity; assess if an SEC license is required based on token type.

2. Management criteria: No history of bankruptcy/criminal records.

3. Documentation: Viable business plan + audited financials.

4. Disclosures: Regularly update SEC on operational/financial data.

• Tether’s XAU₮ launch reflects Thailand’s openness to asset-backed tokens and stablecoins.

• Regulatory clarity (e.g., STO frameworks) positions Thailand as a Southeast Asian crypto hub.

• Compliance is critical—local partnerships (e.g., Bitkub) and adherence to SEC rules enable market access.