Tether, issuer of the world’s largest stablecoin, USDt, is rolling out its tokenized gold digital asset in Thailand with a listing on native cryptocurrency exchange Maxbit.
In a May 13 announcement, Tether stated its gold-backed token, Tether Gold (XAUt), has been listed on Thai exchange Maxbit.
According to 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 Exchange Commission approved US dollar-backed stablecoins corresponding 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 exchange primarily based in Thailand, working underneath the oversight of the Thai SEC.
According to official SEC information, Thai power conglomerate PTG Energy is the most important shareholder of Maxbit, with a 35% stake within the agency. Other Maxbit backers embody two native non-public corporations, Spearhead Labs and Unit Company, holding 29% and 28.7% within the digital asset enterprise.
This is a creating story, and additional data will probably be added because it turns into out there.
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