Tether Gold launches in Thailand with a listing on the Maxbit exchange, expanding its global reach and offering new access to gold-backed digital assets.
With its launch on Maxbit, an exchange supported by PTG Energy, a significant Thai energy corporation, Tether Gold has made its way to Thailand.
With a listing on the regional cryptocurrency exchange Maxbit, Tether, the creator of USDt, the biggest stablecoin in the world, is launching its tokenized gold digital asset in Thailand.
Tether announced on May 13 that its gold-backed token, Tether Gold (XAUt), was now available on the Thai exchange Maxbit.
The platform is the first in Thailand to provide a “tokenized gold pair backed by physical gold,” according to a Maxbit release.
Tether Gold is a digital currency backed by gold, which was introduced in January 2020. It has a market value of $802 million, and each XAUt is equivalent to one troy ounce of gold.
In March, Thailand approved stablecoins such as Tether Gold (USDt).
The launch of Tether Gold into the Thai cryptocurrency market comes after other significant regulatory changes regarding stablecoins in the nation.
US dollar-backed stablecoins, such as Tether’s USDt USDT$1.00 and Circle’s USDC USDC$0.9999, were authorized for cryptocurrency trading by the Thai Securities and Exchange Commission in March. The move allowed the stablecoins to be listed on exchanges subject to regulation throughout Thailand.
Maxbit, a regulated digital asset exchange headquartered in Thailand and governed by the Thai SEC, was established in October 2023.
With a 35% interest in Maxbit, Thai energy behemoth PTG Energy is the company’s largest stakeholder, per official SEC data. Two local private companies, Spearhead Labs and Unit Company, are additional Maxbit sponsors, owning 29% and 28.7% of the digital asset industry.
