Tether Expands in Asia With Tokenized Gold Listing on Thai Crypto Platform

Tether has entered the Thai market with its tokenized gold asset, as local exchange Maxbit becomes the first in the country to list the product.

The listing of Tether Gold (XAUt) on Maxbit marks a key milestone in the asset’s global rollout. XAUt is a blockchain-based token pegged to physical gold, with each unit representing one troy ounce held in custody. As of now, the asset has a market capitalization of just over $800 million.

The announcement comes shortly after Thailand’s regulators approved certain stablecoins for use in the domestic crypto sector. In March, the Thai Securities and Exchange Commission gave the green light for dollar-pegged stablecoins such as USDT and USDC to be used for trading on licensed digital asset platforms. This opened the door for Tether to expand beyond its core product.

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Maxbit, which officially launched operations in late 2023, is one of Thailand’s regulated cryptocurrency exchanges. The firm operates under Thai SEC supervision and has backing from major local companies. PTG Energy, a prominent Thai energy conglomerate, holds the largest stake in Maxbit at 35%. Other investors include Spearhead Labs and Unit Company, with nearly equal shares.

With its gold-backed token now live on Maxbit, Tether is signaling a broader strategy to diversify stable asset offerings in regions with growing regulatory clarity. The listing also positions Maxbit as a pioneer among Southeast Asian exchanges by supporting physically backed tokenized commodities.

Alexander Stefanov