Why is the Bank of Thailand proposing a 1:1 baht-backed stablecoin?

The Bank of Thailand is proposing a stablecoin backed one-to-one by Thai baht reserves to support regulated digital payments. The central bank said it plans to begin with financial institutions for settlement purposes and will hold a public consultation by the end of 2026.

What are the requirements for the Bank of Thailand's proposed stablecoin?

The Bank of Thailand's proposed stablecoin must be fully backed by Thai baht reserves on a one-to-one basis. The central bank also said the initial rollout would be limited to financial institutions, with broader use cases to be considered later.

What does the Exchange Control Act mean for retail foreign exchange trading in Thailand?

The Bank of Thailand said speculative retail foreign exchange activity remains prohibited under the Exchange Control Act of 1942. The central bank warned that violations may result in penalties of up to three years' imprisonment and fines of up to 200,000 baht.

Why is the Bank of Thailand tightening stablecoin and payment regulations?

The Bank of Thailand said it is tightening oversight to encourage financial innovation while protecting consumers and maintaining control over domestic currency flows. The proposed stablecoin framework and stricter payment rules form part of that broader regulatory approach.

Image for illustrative purposes only. Not a real photo.

Bank of Thailand proposes 1:1 baht stablecoin

Q: How is the Bank of Thailand enforcing cross-border payment rules?

The Bank of Thailand has suspended about 5,000 Alipay and WeChat Pay accounts between February 2025 and May 2026 over unauthorised peer-to-peer yuan QR code transfers. The central bank also warned that payment providers processing unauthorised foreign currency transactions could face fines or licence action.

Written by Heidi Cuthbert Published Jul 1, 2026, 7:57 AM

The Bank of Thailand plans to consult on a 1:1 baht-backed stablecoin that would initially be limited to financial institutions.
The central bank has suspended about 5,000 Alipay and WeChat Pay accounts as it strengthens enforcement of cross-border payment rules.
Thailand is combining support for digital asset innovation with stricter oversight of payments, foreign exchange and consumer protection.

The Bank of Thailand plans to launch a public consultation by the end of 2026 on a proposed stablecoin that would be fully backed one-to-one by Thai baht reserves and initially used only by financial institutions for settlements.

The proposal comes as the central bank increases enforcement of cross-border payment rules, having suspended about 5,000 Alipay and WeChat Pay accounts between February 2025 and May 2026 over unauthorised peer-to-peer yuan QR code transfers.

“The central bank’s dual objective is to foster financial technology while maintaining strict control over consumer protection and domestic currency flows,” said Bank of Thailand Governor Vitai Ratanakorn.

The proposed framework requires any approved stablecoin to maintain full one-to-one baht reserves, while payment providers processing unauthorised foreign currency transactions could face fines, licence suspensions or licence revocations, and speculative retail foreign exchange operators remain ineligible for licences.

The Bank of Thailand said broader stablecoin use cases will be considered after the initial rollout to financial institutions, while retail speculative foreign exchange activity will continue to face penalties under the Exchange Control Act, and following the announcement there was no share price reaction because the policy does not involve a listed company.

The central bank also warned that facilitating speculative foreign exchange transactions may carry penalties of up to three years' imprisonment and fines of up to 200,000 baht, while promoting speculative currency trading could attract additional fraud charges.

The proposal reflects Thailand's approach of supporting regulated digital payment innovation while strengthening oversight of cross-border transactions, domestic currency use and financial system integrity.