Tether, issuer of the world’s largest stablecoin, USDt, is rolling out its tokenized gold digital asset in Thailand with an inventory on native cryptocurrency change Maxbit.
In a Might 13 announcement, Tether mentioned its gold-backed token, Tether Gold (XAUt), has been listed on Thai change Maxbit.
In line with an X announcement by Maxbit, the platform is the primary in Thailand to supply a “tokenized gold pair backed by bodily gold.”
Launched in January 2020, Tether Gold is a gold-backed digital asset with a market cap of $802 million, with every XAUt representing possession of 1 troy ounce of gold.
Thailand greenlighted stablecoins like Tether USDt in March
Tether Gold’s entrance within the Thai cryptocurrency market follows different notable stablecoin-related regulatory developments within the nation.
In March, the Thai Securities and Alternate Fee accepted US dollar-backed stablecoins comparable to Tether’s USDt (USDT) and Circle’s USDC (USDC) for cryptocurrency trades, permitting the stablecoins to be listed on regulated exchanges throughout Thailand.
Launched in October 2023, Maxbit is a licensed digital asset change based mostly in Thailand, working underneath the oversight of the Thai SEC.
In line with official SEC data, Thai power conglomerate PTG Power is the biggest shareholder of Maxbit, with a 35% stake within the agency. Different Maxbit backers embrace two native non-public corporations, Spearhead Labs and Unit Firm, holding 29% and 28.7% within the digital asset enterprise.
It is a growing story, and additional data might be added because it turns into out there.
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