Bank of Thailand Moves Ahead with Baht-Backed Stablecoin Plan

Highlights:

• BOT will seek public feedback on a planned stablecoin backed one-to-one by the Thai baht.
• Officials are studying whether banks can use it for payments, digital assets, and carbon credits.
• The plan fits Thailand’s wider push to fund green businesses and improve sustainability reporting.

The Bank of Thailand (BOT) is preparing to open public feedback on a planned Thai Baht Stablecoin, according to a June 26 report by eFinance Thai. The central bank is studying how the token should work, how it may be used, and how commercial banks and financial institutions could take part in selected digital asset businesses.

Bank of Thailand Governor Vitai Ratanakorn discussed the plan during the CAPITAL WITH PURPOSE 2026: UNLOCKING ESG VALUE THROUGH GREEN FINANCE event, which was organized by eFinance Thai. He said the stablecoin project is still under review, but the central bank expects to open a public consultation soon. The proposed Thai Baht Stablecoin would be backed 1:1 by the Thai Baht. This means each token would aim to hold the same value as one Thai baht.

UPDATE: The Bank of Thailand is advancing a stablecoin plan pegged 1:1 to the Thai Baht.

Public hearings expected before the end of this year. pic.twitter.com/9b9jLTM68Z

— The Moon Show (@TheMoonShow) June 29, 2026

BOT Weighs Stablecoin Payments and Carbon Credit Use

Vitai said the Bank of Thailand is considering whether commercial banks should be allowed to enter businesses related to digital assets and carbon credits. The central bank is also studying whether the Thai Baht Stablecoin could serve as a payment tool and how widely it should be used.

“Regarding Thai baht stablecoins, the Bank of Thailand is currently studying the matter and preparing to solicit feedback,” Vitai said, according to the eFinance Thai report. He added that the central bank is exploring whether commercial banks can do business related to digital assets or carbon credits. He also said the BOT still needs to decide whether the stablecoin will be used for payments and what limits may apply.

“The stablecoin’s value will be 1:1, and it will be backed by the Thai baht,” he said. The report also said the project is part of market development. The central bank has not announced final rules yet. It has also not given a full operating model. However, Vitai said the public consultation should open soon, and the market may see progress within this year.

Thai Baht Stablecoin Plan Ties Digital Finance to Green Goals

The Thai Baht Stablecoin proposal also connects with Thailand’s wider green finance agenda. The BOT is studying how digital asset businesses could support carbon credit activity and environmental goals. Carbon credits allow companies to support climate-related projects or offset emissions. For banks and financial institutions, this could create a link between digital finance, green finance, and environmental reporting.

Vitai said businesses today cannot focus only on short-term profit. He said companies also need to care about society, the environment, and employees if they want long-term survival. He also warned that sustainability has become a business survival issue, not only a cost. Vitai pointed to global trade rules such as the European Union’s Carbon Border Adjustment Mechanism, or CBAM. The measure can affect exporters because it links trade with carbon emissions.

According to the report, some Thai industries could export up to 24% more to the EU without these carbon-related requirements. The figure illustrates why Thai companies need to adapt as global markets increasingly value cleaner production.

BOT Links Stablecoin Plan with Green Finance

The Bank of Thailand is also developing a Taxonomy framework. The framework aims to help banks direct capital toward green businesses and support a stronger sustainability ecosystem. Under the BOT’s “Financing the Transition” campaign, more than 160 billion baht has already been disbursed to over 700 borrowers. The project is now in its second phase and focuses on hotels in Phuket. Around 35 billion baht has already been approved for this phase. Vitai said real sustainability does not come only from Net Zero announcements or public relations campaigns. It comes from action.

For Thailand’s financial sector, the planned Thai Baht Stablecoin could become part of a wider shift toward regulated digital finance. The project is still under study, and the BOT has not released final rules. However, the coming public consultation will give banks, financial firms, and market participants a clearer view of how Thailand may use baht-backed digital assets in payments, carbon credits, and green finance.