Thailand Central Bank Preps 1:1 Baht Stablecoin Plan

Ledger Insights reported that the BoT has also signaled interest in extending stablecoin use into carbon credit markets and green financing. Blockchain-based settlement could cut the opacity that plagues carbon trading.

Ratanakorn used the same conference to reiterate Thailand's foreign exchange controls. Personal QR code payments inside the country must be denominated in baht. Renminbi-denominated transfers through Alipay and WeChat Pay are not allowed in the Thai market. Between February 2025 and May 2026, regulators suspended about 5,000 accounts used for peer-to-peer renminbi transfers via those platforms. Payment service providers processing transactions in currencies other than baht face fines, suspension, or license removal, the governor warned.

Ratanakorn also addressed the growing number of institutions offering retail foreign exchange trading. The central bank has no plans to license speculative forex activity, he said. Providing settlement services for such trades could violate the Foreign Exchange Control Act of 1942, which carries penalties of up to 200,000 baht in fines and three years' imprisonment.

The stablecoin proposal will open for public comment before the end of 2026. A specific date for the hearing has not been set.