Tether(USDT) News: Thailand Approves USDT and USDC for Cryptocurrency Trading

Thailand has made a significant move in the world of cryptocurrencies by approving Tether’s USDT and Circle’s USDC for trading. Here’s what you need to know about this development and its potential impact on the cryptocurrency market.

Thailand Approves USDC, USDT Stablecoins on Cryptocurrency List

Thailand’s Securities and Exchange Commission (SEC) has added Tether’s USDT and Circle’s USDC to its approved list of cryptocurrencies. The stablecoins join Bitcoin (BTC) and XRP as tokens used in the Bank of Thailand’s settlement system. A public consultation was held in February, and the new regulations will take effect on 16 March, allowing exchanges to use these stablecoins for trading pairs. Stablecoins have gained popularity, especially in developing regions such as Southeast Asia. USDT has a market capitalization of $142 billion, while USDC holds a market cap of $58 billion.

Tether CEO Claims USDT Protects Dollar from BRICS Challenge

Paolo Ardoino, CEO of Tether, stated that the adoption of the USDT stablecoin in developing nations creates a decentralized market for US debt, positioning individuals as indirect purchasers of American treasuries through Tether’s reserves. Speaking at a Bitcoin event, Ardoino highlighted Tether’s role in maintaining US dollar dominance globally and warned about the potential challenge from BRICS nations, which are accumulating gold. He described USDT as a temporary “bridge” in emerging markets needing access to the US dollar for savings, and warned that BRICS nations are actively seeking to challenge dollar hegemony.

Tether’s Treasury Holdings Strengthen US Debt Resilience, CEO Claims

Tether CEO Paolo Ardoino has defended the company’s role in the U.S. financial system, stating that its $115 billion in treasury holdings make U.S. debt more resilient. Speaking at a rBitcoin Policy Institute event, Ardoino argued that Tether’s (USDT) investment helps diversify and strengthen U.S. debt. He also mentioned that if Tether were a country, it would be the 18th largest holder of U.S. Treasuries. According to DeFiLlama data, Tether maintains dominance in the stablecoin market with a 63% market share and a $143 billion market capitalization.