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.
Launched in October 2023, Maxbit is a licensed digital asset exchange based in Thailand, operating under the oversight of the Thai Securities and Exchange Commission (SEC).
Related: Crypto exchange KuCoin enters crowded Thailand market
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.
Maxbit yet to gain market share in Thailand
At the time of its Tether Gold listing, Maxbit had yet to emerge as a prominent cryptocurrency exchange in Thailand in terms of trading volumes.
According to its website, Maxbit allows users to trade more than 80 cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and USDT. The exchange had fewer than 300 subscribers on its X page at the time of publication.
The exchange is not listed on major crypto data websites like CoinGecko and CoinMarketCap, with both sites referring to the local exchange Bitkub as the biggest Thai exchange with a market share of at least 75%.
Bitkub’s biggest trading pair is the USDT/Thai baht pairing, which accounts for more than 30% of its daily trading volumes. The platform does not list any gold-backed tokens by publishing time, according to CoinGecko.
Cointelegraph approached Tether and Maxbit for comment regarding the Tether Gold listing but did not receive a response at the time of publication.
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Cointelegraph by Helen Partz