Tether, issuer of the world’s largest stablecoin, USDt, is rolling out its tokenized gold digital asset in Thailand with a listing on local cryptocurrency exchange Maxbit.

In a May 13 announcement, Tether said 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 first in Thailand to offer a “tokenized gold pair backed by physical gold.”

Launched in January 2020, Tether Gold is a gold-backed digital asset with a market cap of $802 million, with each XAUt representing ownership of one troy ounce of gold.

Thailand greenlighted stablecoins like Tether USDt in March

Tether Gold’s entrance in the Thai cryptocurrency market follows other notable stablecoin-related regulatory developments in the country.

In March, the Thai Securities and Exchange Commission approved US dollar-backed stablecoins such as Tether’s USDt (USDT) and Circle’s USDC (USDC) for cryptocurrency trades, allowing the stablecoins to be listed on regulated exchanges across Thailand.

Major Maxbit shareholders. Source: Thai SEC

Launched in October 2023, Maxbit is a licensed digital asset exchange based in Thailand, operating under the oversight of the Thai SEC.

According to official SEC records, Thai energy conglomerate PTG Energy is the largest shareholder of Maxbit, with a 35% stake in the firm. Other Maxbit backers include two local private firms, Spearhead Labs and Unit Company, holding 29% and 28.7% in the digital asset business.

This is a developing story, and further information will be added as it becomes available.

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