Bank of Thailand is preparing a new model for issuing a stablecoin that will be fully backed by the Thai baht at a ratio of 1:1. Before the launch, the initiative will be put up for public discussion. Consultations are planned to be held by the end of 2026. The project was announced by the head of the regulator Vithai Rattanakorn during the Capital with Purpose conference organized by efinanceThai.
At the same time, this is not about launching a central bank digital currency (CBDC). The issuance of the stablecoin will be handled by private companies that have obtained the appropriate licenses. According to Bangkok Post, each issued stablecoin will be backed by real baht reserves, which will be placed in separate accounts at licensed financial institutions.
The launch will take place in stages. Initially, only the financial sector will have access to the new instrument. It will be used for settlements between banks and other licensed market participants. The decision on further expansion will be made only after the regulator evaluates the results of the first trials.
Previous Trials Formed the Basis of the Project
The idea of creating a stablecoin did not appear just now. Back in 2024, the Bank of Thailand launched the Programmable Payment Sandbox program, where it tested digital assets pegged to the national currency in a pilot mode. A year later, in December 2025, the scope of the experiment was expanded to test additional use cases.
The experience gained during these trials is now being used to prepare the rules for the new stablecoin. The results of the sandbox formed the basis of the proposed regulatory model.
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According to Ledger Insights, the regulator is also exploring the possibility of using such an asset for settlements in the carbon credit market and in green finance projects. It is assumed that the use of blockchain will make such operations more transparent.
Authorities to Tighten Control Over Currency Payments
During the same conference, Vithai Rattanakorn also touched on the topic of currency regulation. He reminded that payments via personal QR codes within Thailand must be made only in baht. Domestic transactions in Chinese yuan via Alipay and WeChat Pay are prohibited. All payments via personal QR codes must be conducted only in Thai baht.
The fight against settlements in foreign currency is already underway in practice. Over the past year and a half, the regulator has blocked about five thousand accounts related to transfers in Chinese yuan via Alipay and WeChat Pay.
The authorities have made it clear that they are ready to respond strictly in the future. If a payment service conducts operations within the country not in baht, it may be fined, have its activities suspended, or lose the right to operate in the market.
Separately, Rattanakorn touched on the retail Forex market. According to him, the authorities do not intend to issue licenses to such platforms. Moreover, even servicing such transactions may contradict the Currency Control Act adopted back in 1942. The penalty for violation is a fine of up to 200,000 baht or imprisonment for up to three years.
