The Bank of Thailand (BoT) is advancing its plan for a stablecoin pegged 1:1 to the Thai baht, with public consultations set to begin by the end of the year. BoT Governor Vitai Ratanakorn announced that the initial phase will restrict the stablecoin's use to financial institutions for settlement purposes, with potential expansion to other scenarios to be evaluated later. The BoT emphasized that the stablecoin must be fully backed by Thai baht reserves. Additionally, the central bank reiterated that personal QR code payments must be settled in baht, prohibiting transfers via platforms like Alipay and WeChat Pay using the Chinese yuan. Violations could result in account freezes, fines, business suspensions, or license revocations.