Thai stablecoins to be launched by the end of this year: Bank of Thailand Governor emphasizes that criteria must be strictly adhered to before hearings, aiming to reduce money transfer costs.

The Governor of the Bank of Thailand revealed progress on the Thai Baht Stablecoin, paving the way for licensing. The aim is to improve the efficiency of money transfers and payments without injecting new money into the system. A public hearing on the criteria will be held soon, with clarity expected by the end of 69.

July 9, 2569 – Mr. Witai Rattanagorn, Governor of the Bank of Thailand (BOT). revealed to "Bank Finance" Regarding the progress on the "Thai Baht Stablecoin" policy criteria, the Bank of Thailand views stablecoins as part of a global development that Thailand needs to adapt to avoid falling behind. While Thailand may not be the first country to adopt this, it will certainly not be the last.

"Regardless of the direction the development of digital assets or stablecoins takes, it's impossible for the Bank of Thailand to remain inactive. We need to adapt, even though the Bank of Thailand wasn't one of the first central banks to do so, we certainly won't be the last."

Mr. Witai further stated that... The Thai Baht Stablecoin project will have a 100% back-to-back structure. Under a Stablecoin license, the total value of the Stablecoin issued must be fully backed by Thai Baht. For example, if a Stablecoin is valued at 1,000 billion Baht, that same amount will be withdrawn from the system and cannot be reused, in order to prevent the creation of new money in the economy.

Mr. Witai added that The primary objective of the Bank of Thailand's open approach to stablecoins is to improve the efficiency of money transfers and payments, thereby reducing costs, and to provide a safe haven for investors in the digital asset market (DA).

However, the process of establishing criteria for stablecoins is currently in the hearing phase. One aspect of this hearing will be the issuance of licenses specifically for stablecoin issuers. This hearing requires meticulous attention to detail and will need to be conducted in two sessions, each lasting 30 days, in accordance with legal requirements.

"The public consultation process has been slightly delayed because the Bank of Thailand has received feedback from various sectors. This feedback will be used to refine the process before the hearing. We expect to see clarity on Stablecoins by the end of this year. Although they may not be immediately put into use by the end of the year, the legal processes and regulatory frameworks should be finalized first."

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