Vitai Ratanakorn, Governor of the Bank of Thailand, said during a speech that the central bank is developing rules for Thai Baht stablecoins, and expects to hold a hearing on the topic later this year. He only envisages institutions being able to use stablecoins for settlement purposes during the initial phases, according to a report in the Bangkok Post and other Thai media.
Other use cases will only be considered for future phases after the initial evaluation. Some of the reasoning behind this cautious approach is likely related to Thailand’s foreign exchange restrictions. For example, incoming foreign currencies are expected to be converted to Thai baht and all exchange transactions must be conducted through licensed intermediaries. In response to reporter questions, the Governor said the central bank would not support speculative FX activities. He also mentioned that roughly 5,000 users of Alipay and WeChat Pay had used the apps for international yuan transfers between February 2025 and May 2026, and those accounts were suspended.
Previously Thailand’s Ministry of Finance floated plans for a Thai stablecoin backed by government bonds. Multiple banks have also been involved in stablecoin trials as part of a regulatory sandbox.
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