Tether Gold Debuts in Thailand on Maxbit Exchange
- Tether Gold (XAUt) is now listed on Thailands Maxbit exchange.
- Thai SEC approved USD-backed stablecoins in March 2024.
- Maxbit is backed by energy giant PTG and other local firms.
Tether Gold (XAUt), a digital asset backed by physical gold, is now available for trading in Thailand through a new listing on Maxbit, a Thai-licensed crypto exchange. The announcement, made on May 13, marks a major milestone for Tether as it expands its gold-backed asset offerings into the Southeast Asian market.
Maxbit, which launched in October 2023, is regulated by the Thai Securities and Exchange Commission (SEC). With this listing, Maxbit becomes the first Thai exchange to offer tokenized gold trading backed by physical bullion. Each XAUt token represents one troy ounce of gold stored in a secure Swiss vault, giving investors a digital yet asset-backed exposure to gold.
Tether Gold was originally launched in January 2020 and currently holds a market cap of approximately $802 million. With the growing global demand for stable, asset-backed digital tokens, Tethers decision to enter Thailand is seen as a strategic move.
Regulatory Support Sets the Stage
Thailands positive regulatory environment has facilitated the path for Tethers growth. The Thai SEC in March approved the utilization of U.S. dollar-backed stablecoins like Tethers USDt and Circles USDC on regulated exchanges. The regulatory clarity has formed the basis for tokenized assets such as Tether Gold to take off in the nation.
Maxbit is supported by leading Thai corporate investors, led by PTG Energy a leading energy conglomerate that has a 35% stake in the exchange. Other investors are Spearhead Labs and Unit Company, with 29% and 28.7% stakes, respectively. Their investment indicates increasing institutional faith in Thailands digital asset market.
Being the first tokenized gold trading platform in Thailand, Maxbit seeks to connect traditional asset investment with blockchain technology. For Tether, listing not only expands its market reach but also follows larger trends of diversification of digital assets and tokenization of real-world assets.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
