Tether, the company behind the world's largest stablecoin USDt, has ventured into the Thai market with its tokenized gold digital asset, Tether Gold (XAUt), which has been listed on the local cryptocurrency exchange Maxbit. This move marks Tether's expansion into Thailand's growing digital asset sector, offering investors in the country access to a gold-backed token for the first time.
Tether Gold, launched in January 2020, is a digital asset backed by physical gold, with each XAUt token representing ownership of one troy ounce of gold. With a market cap of $802 million, Tether Gold has gained popularity among investors seeking exposure to the stability and value of gold within the digital asset ecosystem.
The listing of Tether Gold on Maxbit is a significant milestone for the Thai cryptocurrency market, as it introduces a tokenized gold pair backed by physical gold for the first time in the country. Maxbit, a licensed digital asset exchange established in October 2023, operates under the supervision of the Thai Securities and Exchange Commission (SEC), ensuring compliance with regulatory standards.
Thailand has been embracing stablecoins and digital assets, with the SEC approving US dollar-backed stablecoins like Tether's USDt and Circle's USDC for trading on regulated exchanges in the country. This regulatory approval has paved the way for the entry of Tether Gold into the Thai market, providing investors with more diverse options for participating in the digital asset space.
Maxbit's shareholders include prominent entities in the Thai business landscape, with PTG Energy, a Thai energy conglomerate, holding the largest stake in the exchange at 35%. Other significant shareholders include local firms Spearhead Labs and Unit Company, demonstrating a mix of energy and technology interests in the digital asset sector.
As Tether Gold makes its debut on Maxbit and expands its presence in Thailand, it adds another layer of diversity and security to the country's digital asset market. The availability of tokenized gold assets provides investors with a unique opportunity to diversify their portfolios and hedge against market volatility, while also tapping into the intrinsic value and stability of gold as a precious metal.
This development underscores the growing acceptance and adoption of digital assets in Thailand, positioning the country as a key player in the global blockchain and cryptocurrency landscape. As the market continues to evolve, the listing of Tether Gold on Maxbit represents a step forward in bridging traditional assets like gold with the innovative world of blockchain technology and digital currencies.
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