Maxbit Becomes First in Thailand to List Tether Gold (XAUt)

Tether, a major player in the stablecoin market, has expanded its product offerings into Thailand by introducing its tokenized gold asset. This move marks a significant development for the Thai digital asset landscape, as local exchange Maxbit has become the first platform in the country to list this physical-backed token, known as Tether Gold (XAUt).

Understanding Tether Gold (XAUt)

XAUt is a digital token issued on the blockchain, with each token representing ownership of one fine troy ounce of physical gold held in secure storage. This provides investors with a way to gain exposure to gold prices through a digital asset format. The asset currently boasts a market capitalization exceeding $800 million, indicating its growing adoption globally.

Regulatory Context in Thailand

The introduction of Tether Gold in Thailand follows recent positive regulatory developments concerning stable assets. In March, the Thai Securities and Exchange Commission (SEC) granted approval for specific stablecoins, such as Tether’s primary product USDT and USDC, to be traded on licensed digital asset exchanges within the country. This regulatory clarity has paved the way for companies like Tether to introduce a wider range of compliant digital asset products to the Thai market.

Maxbit: The Pioneering Exchange

The listing of XAUt is facilitated by Maxbit, one of Thailand’s regulated cryptocurrency exchanges. Launched in late 2023, Maxbit operates under the strict supervision of the Thai SEC. The exchange benefits from the backing of prominent local enterprises, with PTG Energy, a significant Thai energy conglomerate, holding the largest stake. Other investors, including Spearhead Labs and Unit Company, also hold considerable shares in the platform.

Strategic Implications

By listing its gold-backed token on Maxbit, Tether is signaling a strategic intent to diversify its presence with stable assets beyond its core stablecoin offerings, particularly in regions demonstrating clear regulatory frameworks. This move also positions Maxbit as a pioneering exchange in Southeast Asia by supporting trading in tokenized commodities backed by physical assets, potentially setting a precedent for future digital asset listings in the region.