Stablecoins· Regulation & supervision

Bank of Thailand consults on THB stablecoin rules: 100% deposit backing, one-business-day redemption, no interest, few issuers

AI-generated image: Amber glass coin with a baht sign in front of three small steel safe-deposit boxes, with a blank consultation paper and fountain pen — AI-generated image (cryptobanking.news editorial cover). Symbolic studio scene; brand marks identify the organisations in the story and do not imply endorsement.Primary source: Bank of Thailand (bot.or.th)

cryptobanking.news Editorial · AI-assisted, source-verified19 October 2026T1RegulatorAPAC

Key takeawaysFact

1The Bank of Thailand opened a public hearing, running from 19 October to 17 November 2026, on proposed principles for regulating businesses related to THB stablecoin, a baht-pegged 1:1, fully backed digital payment instrument meant to complement, not replace, existing payment systems.
2Its consultation paper says reserves would initially have to be 100% bank deposits spread across several banks, holders must be able to redeem into baht at 1:1 within 1 business day, and issuers may not pay interest, returns or incentives based on holding period or value.
3The number of issuers would be limited at first, while wallet providers could apply in licensing rounds with no cap; the Bank of Thailand will propose that the Ministry of Finance designate both activities as licensed payment services under the Payment Systems Act.

Stablecoins
Regulation

Executive summaryFact

The Bank of Thailand opened a public hearing, running from 19 October to 17 November 2026, on proposed principles for regulating businesses related to THB stablecoin, a baht-pegged 1:1, fully backed digital payment instrument meant to complement, not replace, existing payment systems. Its consultation paper says reserves would initially have to be 100% bank deposits spread across several banks, holders must be able to redeem into baht at 1:1 within 1 business day, and issuers may not pay interest, returns or incentives based on holding period or value. The number of issuers would be limited at first, while wallet providers could apply in licensing rounds with no cap; the Bank of Thailand will propose that the Ministry of Finance designate both activities as licensed payment services under the Payment Systems Act. (Source text in Thai; summary translated.)

Primary source: Bank of Thailand ↗

ธปท. มองว่า THB stablecoin ซึ่งเป็นเงินในรูปแบบดิจิทัลที่อิงมูลค่าเงินบาทแบบ 1 ต่อ 1 และมีสินทรัพย์หนุนหลังเต็มจำนวน อาจเป็นหนึ่งในรูปแบบของ tokenized money ที่เหมาะสมสำหรับการชำระเงินบางกรณี

— Bank of Thailand, verbatimString-matched against the live page 2026-10-25

Key factsFact

Event: Consultation
Jurisdiction: APAC
Source: Bank of Thailand
Source tier: Tier 1 · Regulator / central bank
Product: Stablecoin issuance

Who is affectedFact

Prospective THB stablecoin issuers and wallet providers, banks holding reserve deposits or offering wallets via mobile banking, e-money providers, and users of THB stablecoin.

Key datesFact

19 Oct 2026Public hearing opens (consultation paper published)
17 Nov 2026Public hearing closes

On the regulatory timeline

More from the sourceFact

“ทั้งนี้ THB stablecoin มีบทบาทเป็นการเสริมระบบการชำระเงินที่มีอยู่เดิม ไม่ใช่การทดแทนระบบที่ใช้งานอยู่ในปัจจุบัน”
“THB stablecoin plays a role in complementing the existing payment system, not replacing the systems in use today” (our translation)

“ขณะที่ผู้ให้บริการกระเป๋าเงิน (wallet provider) ที่มีคุณสมบัติตามหลักเกณฑ์สามารถขอรับใบอนุญาตที่ ธปท. เปิดรับคำขอเป็นรอบและไม่จำกัดจำนวนผู้ได้รับอนุญาตเพื่อส่งเสริมการแข่งขัน การพัฒนานวัตกรรม และทางเลือกบริการที่หลากหลายสำหรับประชาชนและภาคธุรกิจ”
Wallet providers that meet the criteria can apply in licensing rounds, with no limit on the number of licensees (our translation)

Verbatim from Bank of Thailand✓ string-matched against the live page 2026-10-25

Why it matters for banksAnalysis

Thai banks would hold every THB stablecoin reserve as deposits, spread across several institutions to avoid concentration, and could offer stablecoin wallets through their mobile banking apps, while the paper keeps tokenized deposits as a separate track that the Bank of Thailand is testing between financial institutions over BAHTNET.

Editorial analysis based on the facts above and the sources below; not legal or investment advice.

What remains uncertain

The paper sets regulatory direction only: licensing rules follow after a Ministry of Finance designation under the Payment Systems Act, and no date for that or for the first licensing rounds is given.
High-quality liquid assets such as short-term government bonds may be allowed as reserves later, subject to legal amendments; no timing is stated.

Sources and evidence

PrimaryBank of Thailand ↗2026-10-19quote matched 2026-10-25

Evidence types: how we classify sources.

Evidence

Confidence: High Primary source (regulator / official record); quote string-matched against the live page.
Quote verified: 2026-10-25 17:00 UTC
Archived snapshot: SHA-256 572474759ff839e6… · fetched 2026-10-25 · Wayback Machine copy ↗
Source type: Primary Bank of Thailand ↗

Change log (2)

2026-10-25 Verify run + data (2026-10-25 evening deploy): verifiedAt refresh, verify snapshots, history snapshot, metrics, stablecoins, report PDF; generative fallback cov (1490f3d)
2026-10-25 Newsroom 2026-10-25 evening: +Bank of Thailand THB stablecoin consultation (bot.or.th public hearing, 19 Oct; comments to 17 Nov; Thai source, summary translate (88bdedf)

Full evidence record · How we label confidence

AIAI-assisted: summary and analysis were drafted with AI from the primary source and are the editor’s responsibility. AI-drafted from the primary source; quote string-matched by scripts/verify.mjs. Methodology · Corrections · Report an error