Thai SEC prepares launch of tokenized securities trading

Thailand's Securities and Exchange Commission (SEC) has approved the leading U.S. dollar stablecoins USDT and USDC, expanding its list of approved cryptocurrencies within the Southeast Asian country.Photo by Tarun Ottur on UnsplashListing on regulated exchanges The approval was announced in a statement published on the SEC website on March 6. It means that Tether’s USDT and Circle’s USDC can now be listed on regulated exchanges in Thailand. The regulator had arrived at its decision to add the two stablecoins following a public consultation process regarding regulatory changes. Those changes were finalized last month and will now proceed to go into effect on March 16. The two stablecoins join five cryptocurrencies that had previously been approved. These include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Stellar (XLM). Certain cryptocurrencies are also being used for the testing of payment settlement through the Bank of Thailand’s Programmable Payment Sandbox.   A regulatory sandbox is a controlled environment testing ground for products and services developed within the private sector. Back in June of last year, the Southeast Asian country’s central bank launched an enhanced regulatory sandbox focused on programmable payments.  USDT issuer Tether responded to the addition of its stablecoin within the approved cryptocurrency list, stating: “This approval enables USD₮ to be traded within the country, facilitating its listing on regulated exchanges and paving the way for USD₮ to be accepted for payments, which advances the region’s leadership in digital asset innovation.” Tether CEO Paolo Ardoino said that the company sees value in the Thai market and with that, it intends to continue to explore ways to broaden its service offering within Thailand. He added:  “We are committed to supporting the long-term success and adoption of stablecoins in Thailand and look forward to contributing to the growth of the country’s digital asset ecosystem by fostering a strong and sustainable stablecoin infrastructure.” Stablecoin market growth According to DeFi data aggregation platform DefiLlama, the stablecoin market now stands at $227 billion in terms of market capitalization. This represents a 68% increase by comparison with the size of the market in 2023. It indicates that stablecoin adoption is on an upward growth trajectory. Digital assets are being used in many instances to facilitate international payments and remittances, particularly in emerging markets. In Europe, American investment bank JPMorgan recently forecasted that the introduction of the Markets in Crypto-Assets (MiCA) regulation will drive euro-pegged stablecoin growth.  Meanwhile, in the United States, S&P Global Ratings recently identified that a current lack of stablecoin regulation is acting as a barrier to broader institutional use. The company anticipates adoption growth once regulatory clarity has been achieved. Vlad Tenev, CEO of commission-free investing platform Robinhood, stated last month on Yahoo Finance’s Opening Bid podcast that stablecoin legislation will be passed in the U.S. in 2025. Tenev believes that applying a 4% interest rate to stablecoins would lead to a greater rate of adoption.

Sony Bank, a Japanese neobank headquartered in Tokyo, has applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish a new trust bank, Connectia Trust, as part of a broader expansion into digital assets. According to Sony Bank’s application, if approved, Connectia Trust would issue U.S. dollar–pegged stablecoins and manage the corresponding reserves. The entity would also offer non-fiduciary custody of digital assets and provide fiduciary asset-management services for certain affiliates.Photo by P. L. on UnsplashSony among 11 crypto applicants to the OCCSony Bank’s filing is among 11 crypto-related applications before the OCC, alongside efforts by Coinbase, Nubank, Paxos, BitGo, Ripple, and others. To date, only two banks have advanced through the agency’s charter approval process. In 2021, the OCC conditionally approved the conversion of Anchorage Trust Company into Anchorage Digital Bank, granting it a national trust bank charter. More recently, last week, Erebor Bank, backed by PayPal co-founder Peter Thiel, received preliminary conditional approval for its de novo charter. The initiative reflects Japan’s growing openness to cryptocurrencies, underscored by the government’s recent regulatory approval of the country’s first yen-denominated stablecoin. Fintech firm JPYC Inc. plans to launch “JPYC” this fall, pegged at 1 yen per token and designed for person-to-person transfers and retail payments, with plans for point-of-sale integration. The issuer targets up to 10 trillion yen ($66.7 billion) in circulation within three years. There are no limits on holdings or wallet transfers, while redemptions are capped at 1 million yen ($6,700) per user per day. Sony Bank has been building its Web3 capabilities this year. Its board approved a new subsidiary for blockchain initiatives in May, later renamed BlockBloom in August. Now operational, BlockBloom aims to connect fans and artists and bridge digital and physical experiences, as well as fiat and digital assets. Its ultimate parent, Sony Group, launched a blockchain mainnet called Soneium in January through Sony Block Solutions Labs, S.BLOX, and SNFT. Built as an Ethereum layer-2 network powered by Optimism’s Superchain technology, Soneium recently announced support for meco.fun, a SocialFi platform that enables creators to earn through memes, content, and NFTs. MUFG’s blockchain initiatives at home and abroadJapan’s top traditional banks are also expanding their involvement in digital assets, with a growing focus on stablecoins. An Oct. 17 Nikkei report, cited by CoinDesk, said Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group, and Mizuho Financial Group aim to develop a unified system to issue and transfer stablecoins among corporate clients. Their first rollout will focus on yen-pegged tokens, followed by a potential dollar-based offering. According to an earlier report from Reuters, MUFG and nine other major international banks, including Bank of America, Deutsche Bank, Goldman Sachs, and UBS, are collaborating on stablecoins tied to G7 currencies. MUFG has additionally rolled out a blockchain-based business with Mitsubishi UFJ Morgan Stanley Securities (MUMSS), which is offering bond security tokens and operating ASTOMO, a trading venue for retail investors that has debuted with tokens backed by real estate. The platform lets users invest from 100,000 yen (about $667) on their phones. In summer, MUFG’s trust unit, Mitsubishi UFJ Trust and Banking, acquired a high-rise building in Osaka for more than 100 billion yen ($667 million), with plans to issue digital securities tied to the asset. The tokenization strategy would offer fractional ownership to retail investors long excluded from major real estate opportunities. Taken together, Sony Bank’s OCC application and Japan’s accelerating tokenization efforts signal a race among major financial and technology players to build compliant, scalable infrastructure for digital assets—both at home and abroad. 

Mirae Asset Securities and NEAR Protocol Partner to Advance Blockchain TechSouth Korea’s leading securities firm, Mirae Asset Securities, has partnered with the Swiss-based NEAR Foundation to further the development of Web3 initiatives, according to Digital Today’s report.Photo by Shubham Dhage on UnsplashCollaboration on Web3 researchThe NEAR Foundation is a Swiss-based non-profit organization behind the NEAR Protocol, a blockchain platform designed to support the operation of decentralized apps (dApps). The collaboration between NEAR and Mirae Asset Securities will encompass various endeavors, including conducting research on Web3 and blockchain technology within the financial sector, organizing awareness-raising events for both entities, and establishing a cooperative system to enhance the business network between Web2 and Web3.An In-sung, the head of the digital division at Mirae Asset Securities, expressed the company’s commitment to advancing blockchain technology and collaborating with partners to gain a competitive advantage in the Web3 sector. NEAR Foundation CEO Marieke Flament highlighted the technical expertise of their platform, emphasizing its potential to drive innovations within the financial industry through cooperation with Mirae Asset Securities.NEAR’s broader engagement in KoreaThe NEAR Foundation’s collaborative efforts extend beyond the financial sector in Korea. Earlier this month, the organization forged a strategic partnership with MARBLEX, a blockchain arm of gaming publisher Netmarble. This alliance aims to foster the growth of the Korean Web3 gaming industry, indicating the foundation’s wider involvement in the East Asian country.