Author: Nancy, PANews
Thailand, rich in tropical charm, is a paradise for digital nomads and a hotbed for Web3 entrepreneurship. In the past week, core forces in crypto have flocked to this 'Land of Smiles' to exchange ideas and share innovative results.
Thailand has become one of the major hubs for global crypto development and innovation, and an important node in TRON's global expansion. In this wave of Thailand's blockchain boom, Sun Yuchen's appearance at Thailand Blockchain Week also gradually brought TRON's crypto landscape in Thailand to the surface.
The rise of Thailand's crypto ecosystem allows TRON to seize the market with stablecoins.
In the early stages of crypto, the Thai government held a cautious and even prohibitive attitude toward this emerging field. However, as market demand increased and the global crypto industry flourished, the Thai government began to reassess its stance and gradually adjust policies to promote the legalization of cryptocurrency, incorporating it into the regulatory framework.
Meanwhile, to promote the sustainable development of the local crypto ecosystem, the Thai government has taken a series of proactive measures, especially this year with increased efforts. For example, the Thai government announced in February this year the exemption of value-added tax on cryptocurrency transactions, hoping to promote it as a new fundraising tool and provide strong momentum for the development of Thailand's digital economy; the Thai Securities and Exchange Commission (SEC) announced amendments to relevant rules, allowing qualified investors to invest in US Bitcoin spot ETFs, further broadening investment channels; Thailand lifted restrictions on individual investors' investments in specific digital assets; and this year, the Thai government announced plans to allocate 157 billion baht from the national budget for digital wallet projects starting in 2025, aimed at enhancing the country's digital economy and claiming it could boost GDP growth by 1.2-1.6 percentage points...
In addition to policy support, to attract more crypto traders and developers, Thailand has also introduced measures such as a new 'digital nomad' visa to attract global crypto innovators and investors to conduct business in Thailand, injecting continuous momentum into the development of Thailand's digital economy.
This significant shift also reflects the Thai government's gradual change in attitude towards cryptocurrencies and policy adjustments, making the country a strategic place where global crypto innovators compete to lay out.
Benefiting from a large user base and broad market prospects, the rise of Thailand's crypto ecosystem provides fertile ground for the development of crypto economies such as TRON. TRON is focusing on the key area of stablecoins to expand its market influence locally in Thailand.
As a new currency carrier, stablecoins have gradually penetrated the global economy, becoming an important tool for daily transactions and fund management. Thailand has also begun to layout. For example, not long ago, Thailand's established commercial bank SCB has provided customers with stablecoin cross-border payment and remittance services, becoming the first bank in the country to use stablecoins for cross-border payments.
In contrast, TRON has already established a strong influence and a wide user base in the stablecoin sector, making it easier to gain market recognition. Taking the world's largest stablecoin USDT as an example, according to Tether's official website, as of December 2, the market size of USDT has exceeded $134 billion, with TRC20-USDT issued based on TRON accounting for over $61.7 billion, occupying half of the market and becoming the second-largest issuance base for USDT after Ethereum, further reflecting the high market recognition and urgent demand for it.
'Through TRON's high-performance network, USDT transfers can achieve efficient and low-cost operations, significantly improving user experience and providing instant confirmation and low-cost services for cross-border payments and local transfers, meeting users' needs for fast and secure payments,' Sun Yuchen revealed at the conference in Thailand, stating that TRON will also explore new models of decentralized finance through the decentralized stablecoin USDD, taking a series of strong measures, including enhancing transparency, strengthening technical security, and optimizing collateral management, to ensure that USDD can maintain stable operation amid economic fluctuations.
Currently, USDT on TRON has made progress in its stablecoin layout in Thailand. In March this year, the Southeast Asian O2O internet mobile platform Grab announced the launch of cryptocurrency recharge services, supporting tokens including TRON version USDT/USDC, etc. Thailand's largest cryptocurrency exchange Bitkub also announced in September its support for TRC20-USDT, providing users in Southeast Asia with a more convenient and secure financial service experience. TRON's high-performance network enables efficient and low-cost operations for USDT transfers, meeting users' needs for fast and secure payments.
From this perspective, with open policies, market demand, and the potential of the digital economy, Thailand is gradually becoming a key market in TRON's global strategic layout, advancing its global blockchain journey. Meanwhile, the solid strength TRON has accumulated in the stablecoin market will also bring new possibilities for the development of the crypto economy in Thailand and Southeast Asia.
Playing the 'mind game' to mobilize tens of millions of crypto users in Thailand.
As one of the famous marketing strategists AL Ries said, the competition in marketing is a competition for the mind; the ultimate battlefield of marketing competition is not in factories or markets, but in the mind. To successfully explore new markets, it is far from enough to rely solely on technology and business layout; it is also necessary to establish golden paths leading to market minds.
In addition to deeply cultivating the Thai market through business, TRON has also played the mind game. On one hand, Sun Yuchen actively participates in major crypto events in Thailand, enhancing brand awareness and user recognition by showcasing TRON's technological advantages and ecological vision. On the other hand, TRON effectively establishes brand exposure through sponsoring BITKUB SUMMIT 2024, Devcon Berkeley Security Summit, and other important activities such as Community Frens and imToken Devcon7, further deepening its influence in Thailand.
For TRON, the enhancement of brand awareness and influence not only effectively helps it occupy users' minds in the Thai market, thus obtaining a higher customer conversion rate and potential transaction volume growth, but also opens up new growth points for its own and Thailand's crypto development space.
As the second largest economy in Southeast Asia, Thailand has gradually emerged as one of the most vibrant crypto ecosystems in the region, accompanied by soaring cryptocurrency adoption rates and trading volumes, and rapidly becoming an important competitor in the global crypto market. According to Statista.com statistics, by the end of 2023, Thailand had 13.02 million cryptocurrency users, accounting for approximately 18.1% of its total population, and is expected to rise to 17.67 million by 2028.
This also means that through a series of strategic layouts in Thailand, TRON will not only help consolidate its position in the global crypto ecosystem but will also inject new momentum into the crypto economy of Thailand and Southeast Asia and assist the crypto market in further breaking through barriers.
