coinspress.com
Tether’s USDT has received official approval from Thailand’s Securities and Exchange Commission (SEC), marking a significant milestone for the stablecoin in the Southeast Asian market.
This move grants USDT legal status, enabling it to be traded and listed on regulated crypto exchanges across the country.
The SEC’s decision follows Tether’s compliance with local regulations, as Thailand looks to solidify its position in the global cryptocurrency space.
Tether’s CEO, Paolo Ardoino, expressed the company’s commitment to enhancing services for Thai users, prioritizing security and transparency in their stablecoin offerings.
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As the crypto industry evolves, other stablecoin issuers are also pushing for regulatory clearances in various jurisdictions. Tether’s dominance in the market, with a market cap of $142 billion, faces growing pressure from rivals like USDC and upcoming contenders like PYUSD, which may challenge its supremacy in the near future.
Global financial giants, including Bank of America, are also venturing into the stablecoin market, further intensifying competition.