DeFi’s “On-Chain Wall Street”: How Maple Finance Is Crafting a New Paradigm for Institutional Credit
Abstract – From Wild-West Lending to Institution-Grade Capital Markets Maple Finance was started by former bond-salesmen and structurers who believed blockchains could do debt markets better than Bloomberg terminals. In three years it has moved from “zero-collateral alpha” to a multi-chain, multi-asset credit platform that has underwritten > US $4 bn of loans, tokenised US $270 m of U.S. Treasuries and still kept defaults below 3 %. This piece walks through the product arcs, the 2022 near-dea...
What is RWA
the brief history of RWA
Detailed explanation of the RWA tokenization track: the next wave of crypto narrative
The concept of RWA is not unfamiliar in the blockchain industry. The earliest RWA project was the BTM Bytom Chain, which "puts assets on the chain". At present, the most successful RWA is the digital dollar USDT and USDC, which maps the US dollar to the chain and tokenizes it. Stablecoins have subtly influenced the entire crypto industry and have now become an important cornerstone. The full name of RWA is real world assets-tokenization, which is the process of converting the ownership value ...
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Tether Launches Gold-Backed Token: Decoding Thailand's Digital Asset Regulatory Policies
Support RWA
Tether Launches Gold-Backed Token: Decoding Thailand's Digital Asset Regulatory Policies
DeFi’s “On-Chain Wall Street”: How Maple Finance Is Crafting a New Paradigm for Institutional Credit
Abstract – From Wild-West Lending to Institution-Grade Capital Markets Maple Finance was started by former bond-salesmen and structurers who believed blockchains could do debt markets better than Bloomberg terminals. In three years it has moved from “zero-collateral alpha” to a multi-chain, multi-asset credit platform that has underwritten > US $4 bn of loans, tokenised US $270 m of U.S. Treasuries and still kept defaults below 3 %. This piece walks through the product arcs, the 2022 near-dea...
What is RWA
the brief history of RWA
Detailed explanation of the RWA tokenization track: the next wave of crypto narrative
The concept of RWA is not unfamiliar in the blockchain industry. The earliest RWA project was the BTM Bytom Chain, which "puts assets on the chain". At present, the most successful RWA is the digital dollar USDT and USDC, which maps the US dollar to the chain and tokenizes it. Stablecoins have subtly influenced the entire crypto industry and have now become an important cornerstone. The full name of RWA is real world assets-tokenization, which is the process of converting the ownership value ...
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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:
Obtain SEC approval.
Submit a prospectus.
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:
Thai-registered entity +财政部 (Ministry of Finance) license.
Prohibited: Proprietary trading.
Minimum paid-up capital: ฿100M (~$2.7M).
Maintain regulatory net asset levels.
Comply with AML/CFT laws, KYC/CDD, and suspicious activity reporting.
For businesses entering Thailand:
Establish a local entity; assess if an SEC license is required based on token type.
Management criteria: No history of bankruptcy/criminal records.
Documentation: Viable business plan + audited financials.
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.
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:
Obtain SEC approval.
Submit a prospectus.
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:
Thai-registered entity +财政部 (Ministry of Finance) license.
Prohibited: Proprietary trading.
Minimum paid-up capital: ฿100M (~$2.7M).
Maintain regulatory net asset levels.
Comply with AML/CFT laws, KYC/CDD, and suspicious activity reporting.
For businesses entering Thailand:
Establish a local entity; assess if an SEC license is required based on token type.
Management criteria: No history of bankruptcy/criminal records.
Documentation: Viable business plan + audited financials.
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.
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