BrokerTH
Since Thai SEC added USDT and USDC to the approved list in March 2025, stablecoin trading on local exchanges has been a real category — not the gray-area workaround it used to be. The two exchanges where Thai users actually transact stablecoins now are Bitkub (the long-standing local leader) and Binance TH (the Gulf Energy joint venture). They’re very different platforms with very different stablecoin offerings, and the right pick depends on what you actually want to do with the stables.
What each exchange supports
Both exchanges now list USDT and USDC as direct THB trading pairs. The difference shows up in three places: trading depth, on-ramp fees, and ecosystem features.
- Bitkub — dominant local liquidity (historically ~75% market share among Thai-licensed exchanges), THB/USDT and THB/USDC pairs with steady depth, native PromptPay deposit and withdrawal, Bitkub Pay integration for some merchant flows
- Binance TH — newer entry leveraging global Binance liquidity through its Thai-licensed entity, dedicated THB order books, fast-growing volume, broader stablecoin-adjacent product set (savings, basic earn)
Pricing — where the actual cost shows up
For an investor moving THB into USDT to park dollar exposure, two costs matter: the THB/USDT cross spread and any deposit/withdrawal fee.
Bitkub typically prices THB/USDT within 10-30 satang of the global USD/THB cross during liquid hours. Binance TH has been running similar spreads, occasionally tighter when its order book is deepest during overlap with Asia hours. For a THB 100,000 conversion, the spread cost difference between the two is small — typically under THB 300.
Deposit fees: PromptPay deposits to Bitkub are free for most account tiers. Binance TH supports Thai bank transfer with similar fee treatment. Withdrawal fees for stablecoins to external wallets vary by network (TRC20 cheapest, ERC20 most expensive on both).
Use cases — who picks which
Different goals, different answer:
- Hold dollar exposure in Thailand-licensed venue — both work; Bitkub has the longer track record and deeper THB integration
- Trade in/out of crypto positions with stables as the home base — Binance TH has broader pair selection and tighter execution on more cross pairs
- Use stables as a settlement layer for cross-border payments — neither is ideal; for that purpose self-custody and a Thai exchange used purely for on/off-ramp is cleaner
- Yield on stables — Binance TH has more product options; Bitkub’s offerings are narrower but simpler
The tax angle
Buying USDT/USDC on a Thai SEC-licensed exchange and selling later for THB at a gain qualifies for the 2025-2029 capital gains exemption — same as BTC or ETH. The wrinkle: stablecoin “gains” are usually tiny (these track USD, so the only gain comes from USD/THB FX movement). For a Thai investor holding USDT through a baht weakening from 32 to 33, that’s roughly 3% in unrealized FX gain on the stable position. Tax-free if realized through a Thai-licensed venue during the exemption window.
What’s not exempt: earn or savings yield on stables. That’s ordinary income, taxed at marginal rate.
Withdrawal and self-custody — practical notes
If you plan to move stables out of either exchange to a wallet, both support major networks (Ethereum, Tron, BSC, Solana for USDT). Tron network withdrawals cost roughly USD 1 in network fees; Ethereum runs USD 3-8 depending on congestion. Always test with a small amount first when sending to a new wallet — both exchanges will let a typo’d address swallow your funds permanently.
The honest verdict
Bitkub is the safer default for Thai users new to stablecoin trading — deeper THB liquidity, more local brand trust, well-tested PromptPay integration. Binance TH is the better pick if you’re already comfortable on Binance globally and want continuity, or if you want broader product features alongside the stables.
For most Thai retail, having an account on both makes sense — Bitkub as primary, Binance TH as backup or for products Bitkub doesn’t offer. Splitting custody between two licensed venues is a practical risk reducer.
