Tether Gold Launches on Thai Exchange Maxbit, Expanding Digital Asset Reach

Tether, the issuer of the world’s largest stablecoin, USDt, has expanded its reach into Thailand by listing its tokenized gold token, Tether Gold (XAU₮), on the local cryptocurrency exchange Maxbit. This move comes as part of Tether's broader strategy to diversify its offerings and tap into the growing demand for digital assets backed by physical commodities.

In an announcement made on May 13, Tether revealed that its gold-backed digital asset, Tether Gold (XAU₮), is now available on the Thai exchange Maxbit. This listing marks a significant milestone for Tether Gold, which was launched in January 2020 and has a market cap of $802 million. Each XAU₮ token represents ownership of one troy ounce of gold, providing investors with a digital representation of physical gold.

Maxbit, which launched in October 2023, is a licensed digital asset exchange operating under the oversight of the Thai Securities and Exchange Commission. The platform has positioned itself as the first in Thailand to offer a “tokenized gold pair backed by physical gold,” aligning with the growing interest in digital assets that are backed by tangible assets.

Tether Gold’s entrance into the Thai cryptocurrency market follows other notable stablecoin-related regulatory developments in the country. In March, the Thai Securities and Exchange Commission approved US dollar-backed stablecoins such as Tether’s USDt (USDT) and Circle’s USDC (USDC) for cryptocurrency trades, allowing these stablecoins to be listed on regulated exchanges across Thailand. This regulatory approval has paved the way for increased adoption and integration of stablecoins in the Thai financial ecosystem.

Maxbit is backed by several major shareholders, including Thai energy conglomerate PTG Energy, which holds a 35% stake in the firm. Other significant backers include Spearhead Labs and Unit Company, which hold 29% and 28.7% stakes, respectively. This strong backing from prominent local firms underscores the confidence in Maxbit’s potential to become a leading player in the Thai cryptocurrency market.

The listing of Tether Gold on Maxbit is expected to attract investors who are looking for a secure and transparent way to invest in gold through digital assets. This move also highlights Tether’s commitment to expanding its presence in key markets and providing innovative financial solutions to a global audience. As the demand for digital assets continues to grow, Tether’s entry into Thailand with Tether Gold represents a strategic step towards meeting the evolving needs of investors in the region.