When the conversation around digital assets becomes popular in Southeast AsiaThailand murmur over the possibilities of one Stablecoin Supported by government bonds to explore new cases of payment use.
According to a ReportThe plan aroused interest in top -ranking Thai officials, with Finance Minister Pichai Chunhavajira who gave the nod for the project. Thai Baht Stablecoin is expected to debut during the fourth quarter after a faced pilot program involving asset -supported tokens.
While details of Stablecoin remain sparse, Pundits claims that the offer will be used to supplement the efforts to make government bonds available to a broader demographic of investors. The government is specifically aimed at retail investors to limit the market share controlled by financial investors.
“The government issues a large number of new bonds each year, but they end up mainly in the hands of financial institutions,” Chunhavajira said. “We want to make these bonds more accessible to individual investors.”
To achieve this, Thailand will tokenize their government bonds and distribute them to support the Stablecoin offer. In order to emphasize its commitment to even the odds between private investors and financial institutions, the government sees the development of a secondary marketing platform to trade Stablecoin.
While the Ministry of Finance and the central bank are expected to cooperate on the offer, the public debt management office has been dropped to spear the platform’s operations.
Per Chunhavajira is the goal of raising StableCoin to a mainstream payment option. Chunhavajira revealed plans to link existing platforms to the incoming platforms to broaden their daily payments.
The Minister made it clear that the issue will not affect the Baht stability and noted that the launch will not create any new funds. However, it is important to note that the regulations for the state -owned Stablecoin remain unknown to the southeastern Asian country.
A central bank’s skepticism
In January, several reports showed that digital assets dropped against their Official debut in Phuketbut Thailand’s bank (Bot) continues to see the asset class with skepticism.
Bot -Governor Sethaput Suthiwartnarueput described the asset class as “unstable” and notes that the use cases must be clear before the central bank adopts the technology. In July 2024, the country used to turn to digital assets to Distribute $ 14 billion for citizens to increase their flaming economy in the midst of fear of raising inflation.
“The government must spend money on its urgent policy to increase the economy, and it can’t wait for the funding for the next financial year,” Prime Minister Sretha Thavisin said to defend politics at that time.
Stablecoin market value floats to as USDT wobbles
At the same time, the global market value for Stablecoins has risen to a new maximum time of $ 217 billion in early February.
Data From Defillama says that the total market for Stablecoin’s marketing climbed at $ 217.3 billion and climbed by 0.88% over the past week. Per task, Tether‘S (USDT) dominance over the Stablecoin market is 64.46% and is increasing by almost 2% since the beginning of the year.
A closer look at the diagram reveals that USDC gets significant land with its impressive growth of 17.71% over one month. In spite of growth spurt, the market for the market for USDC amounts to $ 53.3 billion, compared to USDT’s $ 139.9 billion.
There seems to be a direct correlation between USDC’s increase and the latest Altcoin dip with USDC trading pairs that reach record heights for daily trade volumes.
Ethena USDE (USDE), DAI (DAI) and First Digital USD (FDUSD) occupy third, fourth and fifth place, respectively, which maintains single-digit growth levels during a 30-day time frame. Sky Dollar (USDS) seems to be the biggest win during the same period and adds an astonishing 55% to its market value.
Despite the impressive growth, Stablecoins lost part of its market share to other digital asset classesWith the defillars that set the decline to 13.5%. Several theories rationalize the loss of market shares, including a declining interest in Digital asset trading during the third quarter of 2024.
On the other hand, Stablecoin volumes continue to grow upwards, which accounts for 92.64% of total digital access 24-hour volume. Over the past 12 months, the sector’s total volume exceeded the combined visas of visas (Nasdaq: v) and mastercard (Nasdaq: MA) with an impressive 7.7%.
“Stablecoins experienced an increase in both supply and volume after nail after the election in crypto activity, surpassed visas and mastercard with over two and three times respectively, respectively during the fourth quarter,” mentioned CEX.IO LEAD ANALYST ILLIA OTYCHENKO.
Ready for even greater growth
Experts predict Stablecoins will expand more in 2025, which increases their market share and institutional assumption. A report predicts the increase in regulated Stablecoins with banks as Vader to offer issuers’ custody services.
Stablecoins linked to local currencies can collect significant steam in 2025. Already United Arab Emirates (United Arab Emirates) and Thailand muds over the idea of the launch of EU markets in crypto assets (Mica), which lays the foundation for a transition from dollar -based stablecoins.
Watch: Blockchain is much more than digital assets
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