Tether Gold, the world’s largest stablecoin issuer, is introducing its tokenized gold digital asset in Thailand through a listing on the Maxbit exchange. Tether announced on May 13 that its gold-backed token, Tether Gold (XAUt), is now available on the Thai exchange. Maxbit, in an official announcement, highlighted that it is the first platform in Thailand to provide a “tokenized gold pair backed by physical gold.” Tether Gold, launched in January 2020, has a market cap of $802 million, with each XAUt representing ownership of one troy ounce of gold. This move comes after Thailand’s Securities and Exchange Commission approved US dollar-backed stablecoins, including Tether’s USDt and Circle’s USDC, for crypto trades in March, allowing them to be listed on regulated exchanges across the country. Maxbit, established in October 2023, is a licensed digital asset exchange based in Thailand under the supervision of the Thai SEC. The company’s largest shareholder is Thai energy conglomerate PTG Energy, holding a 35% stake. Despite the Tether Gold listing, Maxbit has yet to gain significant market share in Thailand in terms of trading volumes compared to other exchanges like Bitkub, which dominates the market with a 75% share. Bitkub’s leading trading pair is USDT/Thai baht, representing over 30% of its daily trading volumes. Maxbit offers trading of over 80 cryptocurrencies, including Bitcoin, Ether, and USDT, with fewer than 300 subscribers on its platform. Notably, neither CoinGecko nor CoinMarketCap list Maxbit, further emphasizing Bitkub’s market dominance in Thailand. Cointelegraph reached out to Tether and Maxbit for comments on the Tether Gold listing but received no response at the time of publication.