The Bank of Thailand is monitoring USDT "gray fund" transactions

The Bank of Thailand stated that as part of a broader effort to combat so-called "gray funds," the agency has found that a significant portion of stablecoin activity on local platforms is related to foreign entities under its monitoring framework.

Bank of Thailand Governor Vitai Ratanakorn mentioned that about 40% of USDT sellers operating on Thai platforms are foreigners who "should not be trading in the country." Therefore, stablecoins are subject to stricter scrutiny along with cash flows, gold trading, and electronic wallet fund movements.