Democrat Party Backs Baht Stablecoin to Safeguard Financial Sovereignty
The Democrat Party has urged the Bank of Thailand to issue a Baht-pegged stablecoin to protect Thailand's financial sovereignty and reduce reliance on US dollar stablecoins. Party MPs Korn Chatikavanij and Karndee Leopairoj presented eight combined proposals covering fair market competition, cross-border payment efficiency, AI-ready infrastructure, SEC coordination, and transparent public-sector pilot use for donations and relief funds.
On November 12, 2026, at Parliament, MP Korn Chatikavanij, the Democrat Party's deputy leader, announced the party will submit formal feedback to the Bank of Thailand (BOT) supporting a Baht-pegged stablecoin before the public consultation closes on November 17. Korn said this innovation is a critical turning point for preserving Thailand's financial sovereignty and upgrading the nation's economic infrastructure.
Korn noted Thailand already has modern payment systems like PromptPay and QR codes with 80 million user accounts among a population of 70 million. However, in the digital asset world, data shows over 60% of Thai digital asset trades involve holding US dollar stablecoins such as USDT for cross-border transfers due to low cost and 24-hour availability. Without its own Baht stablecoin, Thailand risks growing dependence on the US dollar and ultimately losing financial sovereignty. In the near future, AI will not just search information but directly execute payments — such as booking hotels — and the most suitable, transparent money for AI transactions is blockchain-based digital money like stablecoins.
The Democrat Party submitted four key proposals to the BOT for drafting guidelines: 1) Open fair competition for issuers and digital wallet providers, not limiting rights to large capital groups or existing commercial banks, but allowing new entrants under appropriate safety standards. 2) Set a clear primary goal: the Baht stablecoin should mainly facilitate and reduce costs for cross-border payments for Thais and Thai workers abroad. 3) Prepare for the AI economy by building digital money infrastructure ready to connect with AI systems so Thai businesses don't lose competitive opportunities. 4) Coordinate with the SEC to enable Baht stablecoin use in transactions involving other digital assets legally.
MP Karndee Leopairoj, also a party-list MP and deputy leader, added four approaches to link with the party's donation oversight reform: 1) Pilot public-sector use of Baht stablecoin for government donations and relief funds, leveraging traceable money flows and programmable spending conditions to solve opacity and corruption. 2) Establish a framework...
