Thailand’s central bank is teaming up with the Securities and Exchange Commission to keep a much closer eye on massive Tether (USDT) moves. This crackdown comes right as stablecoins explode across global payment setups. Businesses using crypto for everyday bills are forcing blockchain deeper into the mainstream and fresh numbers show traders are dumping highly volatile tokens to hoard stablecoins instead.
Recent market data shows USDT usage reached 35.1% by July 2026. That figure exceeds the 29.0% recorded during the same period in 2021. It also stands well above 2024 levels, when stablecoin usage remained below zero.
Meanwhile, investor behavior continues to favor stability over speculative assets. The growing use of USDT reflects increasing demand for lower-risk digital assets during the current market cycle.
Moreover, blockchain activity supports that trend. ERC-20 stablecoin addresses have climbed sharply since 2025, with daily active addresses ranging between 400,000 and 700,000 across supported networks.
Corporate adoption has also expanded beyond crypto trading. Visa, Mastercard, PayPal and Stripe now integrate stablecoins into cross-border payment systems, allowing businesses to settle transactions more efficiently.
Furthermore, the stablecoin market has grown to nearly $312 billion. That expansion indicates demand now extends beyond crypto-native users into broader commercial payment activity.
Although businesses continue adopting stablecoins for settlements and treasury operations, institutional investors have not shifted significant capital into Bitcoin or Ethereum. Instead, institutions continue favoring efficient payment infrastructure over speculative investments.
Meanwhile, the Bank of Thailand will work closely with the Securities and Exchange Commission to monitor large stablecoin transfers, foreign exchange transactions and high-value cash movements.
Authorities aim to reduce activity linked to the country's gray economy. That sector operates outside formal regulatory systems and often creates opportunities for money laundering, tax evasion and other financial crimes.
USDT remains a primary focus as it is the world's largest stablecoin by market capitalization. Its cross-border accessibility and widespread use make it attractive for remittances, trading and value storage.
Besides that, regulators believe those same features allow significant fund transfers to bypass traditional banking oversight. The new monitoring program seeks to reduce those risks.
Read More: Thailand SEC Plans New Crypto ETF Framework and Futures Trading on TFEX
Thailand introduced cryptocurrency regulations in 2018. However, stablecoins have largely remained outside direct regulatory attention until now.
Under the new initiative, crypto exchanges and financial institutions must report large USDT transfers and suspicious transaction patterns. Authorities will also monitor high-value cash deposits, withdrawals and qualifying foreign exchange transactions.
Consequently, businesses and individuals using USDT in Thailand will face stronger transparency requirements. Exchanges may also strengthen know-your-customer procedures and transaction reporting standards.
Likewise, the approach follows similar regulatory developments across the United States, Europe and Japan, where authorities have increased stablecoin oversight in recent years.
Thailand has previously raised concerns about the gray economy's effect on tax revenue and financial stability. If the monitoring program proves effective, neighboring Southeast Asian countries may consider adopting similar measures as stablecoin use continues expanding across regional payment networks.
Thailand is increasing oversight of large USDT transactions as stablecoin adoption continues to expand across global payment networks. Meanwhile, growing corporate use and stronger compliance requirements reflect the increasing role of stablecoins in cross-border payments and regulated financial activity. Market participants should monitor further regulatory developments.