Coinbase, the global cryptocurrency platform, plans to introduce stablecoins pegged to the Thai baht and Philippine peso as part of its focus on Southeast Asia, according to a report by Nikkei Asia.
The company currently has no plans to directly enter Southeast Asian jurisdictions.
Instead, the company is focusing on its wallet business and blockchain platform Base to drive blockchain adoption by enabling local developers to create solutions for baht and peso stablecoins.
Jesse Pollak, Founder of Base and Head of Coinbase Wallet, explained that stablecoins tied to local currencies make transactions faster, cheaper, and more accessible.
By bringing local currencies “onchain,” he said, blockchain technology simplifies onboarding, providing users with seamless access to digital financial systems without requiring them to fundamentally rethink their existing relationship with money.
Coinbase plans to hire country leaders in Thailand and the Philippines to coordinate with developers, regulators, and content creators, fostering innovation and adoption of blockchain-based solutions.
Stablecoins Gaining Regulatory Traction in Southeast Asia
Thailand and the Philippines have already demonstrated regulatory openness to stablecoins.
Thai regulators approved the first cross-border payment solution using stablecoins in October, while the Philippine central bank launched a peso stablecoin pilot earlier this year.
Pollak emphasized that stablecoins aim to modernize legacy financial systems rather than replace national currencies.
Coinbase’s Base platform, which operates as a second layer on the Ethereum blockchain, showcased its potential at Devcon, an Ethereum-focused expo held in Southeast Asia.
During the event, participants, including non-Thai attendees, were able to convert dollar stablecoins to baht stablecoins without foreign exchange fees.
This was enabled through Rubie, a baht stablecoin wallet developed by Siam Commercial Bank (SCB) in collaboration with Base.
SCB is now collaborating with Thai regulators to assess the pilot program’s success and secure approval for a broader rollout of the stablecoin wallet.
Stablecoins also address financial inclusion challenges. Thailand’s PromptPay system, a widely used QR code payment platform, is accessible only to Thai nationals and residents, leaving nearly 30 million annual tourists reliant on traditional currency exchanges and associated fees.
Pollak highlighted how stablecoins could help bridge this gap, allowing for smoother transactions for tourists and expatriates.
Featured image credit: Edited from Freepik
