Tether’s USDT Gains Legal Approval in Thailand
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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
