Thailand is considering the launch of a stablecoin backed by government bonds in Q4 2025. The move aims to make government bonds accessible to retail investors and to create a more level playing field between private investors and financial institutions. Thailand plans to tokenize its government bonds to back the stablecoin and is also exploring the development of a secondary market platform for stablecoin trading. The stablecoin's goal is to become a mainstream payment alternative. However, the regulatory framework for the stablecoin remains unclear. The Bank of Thailand has expressed skepticism toward digital assets but stablecoin market capitalization has reached a new all-time high of $217 billion.



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