SEC hopes for Bank of Thailand's 'Bath Stablecoin' to boost digital economy
SEC hopes for the Bank of Thailand to unlock "Programmable Payments," paving the way for a "Bath Stablecoin" to boost innovation and support the digital economy. Three participants are already testing, with four more in preliminary discussions.
Jomkwan Kongsakul, Deputy Secretary-General of the Securities and Exchange Commission (SEC), revealed that the progress on the "Bath-Backed Stablecoin" is ongoing.
The SEC is currently in discussions with relevant agencies, including the Bank of Thailand (BOT), to evaluate the potential integration of this innovation within the digital asset ecosystem.
"The SEC is still in discussions and awaiting clarification on the guidelines from the BOT regarding whether the BOT's Programmable Payment system can be structured as a Bath-Backed Stablecoin. If the BOT agrees, we may need to amend the law to accommodate it," Jomkwan stated.
The SEC views the Bath-Backed Stablecoin as being similar to the BOT's Programmable Payment system, which allows private entities to issue such digital assets. However, further consultation with the BOT is necessary before proceeding with the development. The SEC is awaiting the BOT's response to support the growth of the digital asset ecosystem.
Meanwhile, the SEC is also working on amending core laws, such as the Electronic Securities Act, to facilitate the development of the Digital Securities Ecosystem within Thailand's capital markets. Additionally, the SEC is progressively making adjustments to secondary regulations to support the new frameworks.
The BOT has tested programmable payments under its Enhanced Regulatory Sandbox, while the SEC launched its Digital Asset Regulatory Sandbox in August 2024 to accommodate innovations in the digital asset business.
Currently, three participants have joined the program: SCB 10X (participating from November 1 to November 25, 2024), Kasikornbank (KBANK) (participating from August 4, 2025, to August 3, 2026), and Ascend Bit Co., Ltd. (participating from July 23 to November 30, 2025). These participants were announced on the SEC website.
The three participants are testing programmable payments as part of a collaborative effort between the SEC's Digital Asset Regulatory Sandbox and the BOT's Enhanced Regulatory Sandbox. The tests are conducted within the timeframes set by the BOT.
The participants are providing services that convert Thai baht or cryptocurrency into programmable payments for use in various transactions. These include purchasing goods at participating stores, buying discount coupons on online shops through designated applications.
The SEC has been closely tracking the services provided under its regulatory sandbox and is currently in pre-consultation with four more participants. The list of participants in the Programmable Payment testing under the BOT Enhanced Regulatory Sandbox can be checked on the official website.
Jomkwan stated that if the "Bath-Backed Stablecoin" is successfully implemented, it could significantly enhance the efficiency of the financial system. It would enable the use of digital coins for payments, smart contracts, and capital market activities, such as supporting bond token issuance. Token units could pay returns in Bath-backed stablecoins, providing a more efficient financial system while ensuring safety under SEC and BOT supervision. This would contribute to the growth of Thailand's digital economy.
The Bath-Backed Stablecoin, in the form of programmable payment from the BOT, would allow private entities to issue it while both the BOT and the SEC oversee its regulation. This differs from the digital yuan and digital yen in the form of Central Bank Digital Currencies (CBDCs), which are issued by central banks.
Jomkwan also highlighted that while Thailand’s "PromptPay" system has proven highly effective in enabling fast and convenient digital payments without the need for cash or electronic cards, the addition of programmable payments, such as those supported by the BOT, could further enhance the system. For example, bond tokens could be exchanged for Bath-backed stablecoins.
Sources from the cryptocurrency industry believe that the BOT’s move to open the programmable money sandbox signals the potential for the "Bath-Backed Stablecoin."
They view this as a positive step towards advancing Thailand’s digital economy, though the exact timeline for its implementation depends on further \clarification from the BOT.
