Is Thailand’s THB Stablecoin the Next PromptPay? Not Exactly
By Sasipong Pewkaw Thailand has already made significant progress in digital payments. PromptPay has become part of everyday life, making it easy to transfer money between bank accounts and payment providers in just a few seconds. So, with the country exploring regulated Thai baht (THB) stablecoins, it’s tempting to see this as the next step in the evolution of PromptPay. But that comparison misses something important. A THB stablecoin isn’t designed to replace PromptPay. It’s a different kind of digital money, one that could eventually make payments programmable and allow value to move between different platforms in new ways. To understand why this matters, it’s worth looking at how the Bank of Thailand (BOT) distinguishes between the different forms of tokenised baht. Not all tokenised baht is the same The BOT’s proposed framework makes an important distinction between tokenised versions of existing money and stablecoins. At f...