Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Thai traders got their first taste of tokenized bullion on May 13 when Tether, the issuer of the largest stablecoin, USDT, unveiled its gold-backed token, Tether Gold (XAU₮), on Maxbit.
The listing marks a step forward for the Thai market, making Maxbit the first exchange in the country to offer direct access to tokenized physical gold. Each XAU₮ token represents ownership of one troy ounce of physical gold, fully backed and stored in secure vaults.
Tether Gold Debuts on Thailand Exchange Maxbit Amid Growing Demand for Asset-Backed Tokens
Holders of XAU₮ can transfer tokens via ERC-20 wallets and, under specific conditions, redeem them for physical gold, preserving the underlying value while leveraging the flexibility of blockchain infrastructure.
According to Tether’s Q1 2025 attestation report, more than 246,500 ounces or roughly 7.7 metric tons of gold back the circulating supply, giving the token a market capitalization of approximately $770 million as of April.
The listing follows a March 2025 decision by the Thai Securities and Exchange Commission (SEC) to approve the use of USD-backed stablecoins such as Tether’s USDT and Circle’s USDC for crypto trading within the country.
This regulatory shift has opened the door for broader participation in digital asset markets, including those anchored to real-world assets.
Maxbit, in its official X announcement, described the listing as the first in Thailand to feature a “tokenized gold pair backed by physical gold.”
Tether Gold, originally launched in January 2020, now joins the roster of regulated, asset-backed tokens available to Thai investors seeking a digitally native yet traditionally valued asset.
Thailand Tightens Grip on Crypto Crime While Advancing Digital Asset Framework
Thailand is rapidly positioning itself as a regional leader in digital asset regulation, balancing development with enforcement through sweeping legal reforms and enhanced oversight.
As the country integrates cryptocurrencies into its financial system, the Thai Securities and Exchange Commission (SEC) continues to license exchanges, custodians, and brokers, building a transparent and secure environment for retail and institutional investors.
Recent legislative amendments approved by Thailand’s Cabinet indicate an escalation in the fight against crypto-related crimes.
These updates to the Digital Asset Business Act (2018) and Cybercrime Law (2023) seek to clamp down on illicit activities, particularly those involving mule accounts and foreign crypto platforms used for money laundering.
Once enacted, the laws will empower regulators to block suspicious websites and apps, while imposing stricter penalties on people who use crypto accounts for cybercrime, including up to three years in prison or fines of 300,000 baht (around $8,700).
The new framework will also see Thailand launch a national blacklist of crypto wallets linked to fraudulent activity, preventing flagged accounts from transacting further.
Digital asset firms must now comply with more rigorous requirements, such as enhanced user screening, prompt suspension of questionable transactions, and collaboration with authorities to aid victims.
Responsibility for preventing cybercrime will also extend to banks, telecom operators, and social media platforms, which could be liable for damages if they fail to meet the tightened standards.
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