Thai traders in the digital asset market recently experienced a significant milestone with the debut of tokenized bullion on May 13. Tether, the issuer of the popular stablecoin USDT, introduced its gold-backed token, Tether Gold (XAU₮), on Maxbit exchange in Thailand. This move marks a significant step forward for the Thai market, as it becomes 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, securely stored in vaults.
Holders of XAU₮ have the ability to transfer tokens via ERC-20 wallets and, under specific conditions, redeem them for physical gold. This unique feature allows investors to preserve the underlying value of their assets while leveraging the flexibility of blockchain technology. Tether’s Q1 2025 attestation report revealed that over 246,500 ounces, or roughly 7.7 metric tons, of gold back the circulating supply of XAU₮, giving the token a market capitalization of approximately $770 million as of April.
The listing of Tether Gold on Maxbit follows a regulatory shift in March 2025 by the Thai Securities and Exchange Commission (SEC) to approve the use of USD-backed stablecoins for crypto trading within the country. This decision has paved the way for broader participation in digital asset markets, including those anchored to real-world assets. Maxbit, in its official announcement, highlighted the listing as the first in Thailand to feature a “tokenized gold pair backed by physical gold.”
Tether Gold, initially launched in January 2020, joins the ranks of regulated, asset-backed tokens available to Thai investors seeking a digitally native yet traditionally valued asset. This development underscores the growing demand for asset-backed tokens in the digital asset market.
Thailand is actively positioning itself as a regional leader in digital asset regulation, balancing development with enforcement through legal reforms and enhanced oversight. The Thai SEC continues to license exchanges, custodians, and brokers to create a transparent and secure environment for retail and institutional investors. Recent legislative amendments approved by Thailand’s Cabinet signal a crackdown on crypto-related crimes, with stricter penalties for offenders and enhanced measures to prevent illicit activities.
The new framework will empower regulators to block suspicious websites and apps, impose penalties on those involved in cybercrime, and launch a national blacklist of crypto wallets linked to fraudulent activity. Digital asset firms will need to comply with more rigorous requirements, including enhanced user screening and collaboration with authorities to combat cybercrime effectively.
Overall, the debut of Tether’s gold-backed token XAU₮ on the Thai exchange Maxbit signifies a significant development in the digital asset market in Thailand, reflecting the country’s commitment to regulatory advancement and investor protection in the digital asset space.