Crypto exchange Coinbase is expanding its presence in Southeast Asia by launching stablecoins tied to the Thai baht and Philippine peso. These digital currencies aim to provide a faster, cheaper, and more accessible alternative to traditional transactions by converting local cash into blockchain-compatible assets. The move demonstrates Coinbase's commitment to leveraging blockchain technology to simplify banking procedures and support local businesses in the two countries. Thailand and the Philippines have previously proven open to stablecoins, with Thailand approving cross-border payments using digital assets, and the Philippines launching a trial program for peso-backed stablecoins. Coinbase intends to hire country leads in both countries to ensure regulatory compliance and drive innovation through local collaboration. This expansion comes as Coinbase faces regulatory challenges in Europe, resulting in the discontinuation of USDC rewards for European users and the removal of non-compliant stablecoins.
- Content Editor ( crypto-news-flash.com )
- 2024-12-06
Coinbase Expands With Baht and Peso Stablecoins in Southeast Asia