Bank of Thailand monitors USDT ‘grey money’ trades: report

The Bank of Thailand (BOT) is intensifying its monitoring of USDT stablecoin transactions as part of a wider campaign against 'grey money,' following the identification of a significant portion of stablecoin activity on Thai platforms as being linked to foreigners who should not be trading domestically. Governor Vitai Ratanakorn noted that roughly 40% of USDT sellers on Thai platforms are foreigners. The BOT is placing stablecoins under closer review alongside cash, gold, and e-wallet flows, emphasizing that addressing these structural issues is crucial to prevent long-term impacts on macroeconomic stability. This move aligns with a recent directive from the Prime Minister ordering tighter controls on digital assets and stricter identification rules. The scrutiny occurs while the global stablecoin market, dominated by USDT, continues to grow, despite concerns over their use in illicit transactions, which accounted for 84% of all illicit crypto volume in 2025.

(Source：The Block)