Thailand Sidesteps CBDC With Regulated Baht Stablecoin

Bank of Thailand finalised a design study for a baht-backed stablecoin that would be issued by regulated private institutions, Governor Vitai Ratanakorn confirmed. The token, pegged one-to-one to the baht, would initially be limited to interbank settlement between licensed financial institutions. Public consultation on the framework is expected before the end of 2026, with formal regulations targeted for early 2027.

Every token in circulation must be backed by an equivalent amount of Thai baht held in segregated reserve accounts at licensed financial institutions. The central bank sees the structure as a way to improve payment efficiency while preserving confidence through strict reserve requirements and regulatory oversight.

The BoT has been testing programmable payments through its sandbox since 2024, expanding the program in late 2025 to accommodate additional participants and use cases. Insights from those pilots now form the foundation of the proposed stablecoin rules. The central bank has also explored how blockchain-based settlement could support carbon credit trading, viewing tokenization as a way to shorten settlement times and improve transparency in environmental asset markets.

Alongside the stablecoin push, Thai authorities are reinforcing existing foreign exchange controls. Ratanakorn said personal QR code payments conducted within Thailand must remain denominated in baht. Renminbi-denominated transactions through foreign platforms such as Alipay and WeChat Pay are not permitted for domestic transactions. Between February 2025 and May 2026, regulators suspended roughly 5,000 accounts linked to peer-to-peer renminbi payment activity.