The Bank of Thailand is developing a plan to launch Stablecoin, the cost of which will be tightly pegged to the Thai baht at a ratio of 1:1. According to the central bank manager Vitaya Ratanakorna, the regulator intends to complete the preparation of all necessary regulatory framework before the end of this year.

It is important to note that the new digital asset will not become a central bank digital currency (CBDC). The issuance of tokens will be handled by private organizations under strict state control, not by the Bank of Thailand itself. To ensure stability, each issued token must be 100% backed by reserves in national currency that will be held in special accounts at licensed financial institutions.

In the first phase, Stablecoin will be available exclusively to banks and financial institutions for interbank transactions. Subsequently, the regulator plans to explore the possibility of expanding access for the general public. The regulatory framework being developed is based on the work of a regulatory "sandbox" launched in 2024 to test programmable payments and expanded in December 2025.

In addition to traditional financial transactions, the Bank of Thailand sees great potential for using stablecoins in carbon credit markets, where blockchain payments can significantly enhance transparency. The regulator’s attitude towards foreign cryptoassets remains rigid: earlier this year, the central bank included USDT from Tether in its suspicious transactions monitoring system to limit the use of foreign stablecoins on local platforms.