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Thailand Proposes 1:1 Baht Stablecoin, Tightens Cross-Border Payments
Thailand's central bank will consult on a 1:1 baht stablecoin for settlement, while suspending 5,000 accounts for unauthorized yuan transfers via Alipay and WeChat Pay.
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The Bank of Thailand will open a public consultation on a digital stablecoin backed 1:1 by baht reserves, Governor Vitai Ratanakorn said June 30. Speaking at a financial conference hosted by efinanceThai, he said the central bank plans to hold a hearing on the proposal by the end of the year.
Under the initial framework, any operating stablecoin must be fully collateralized with Thai baht reserves. The first phase limits issuance to financial institutions for settlement purposes only. Broader use cases will be evaluated later, Ratanakorn said.
The central bank is also tightening enforcement on cross-border mobile payments. Ratanakorn reiterated that all personal QR code payments in Thailand must be conducted exclusively in baht. Between February 2025 and May 2026, regulators suspended approximately 5,000 accounts used for peer-to-peer yuan transfers via Alipay and WeChat Pay. The central bank is coordinating with those platforms to review transactions and identify violations.