The flipside of stablecoins The flipside of stablecoins The central bank banned privately developed baht-based stablecoins, yet indicated interest in developing its own coin in the future published : 19 Apr 2021 at 04:30 2 Stablecoins are a new class of cryptocurrencies pegged to traditional financial assets such as fiat currencies, offering crypto traders safe harbour in a market characterised by volatility. Thailand knows the risks of pegging currencies, given its attempt to tie the baht to the US dollar, which spurred the 1997 Asian financial crisis. The Bank of Thailand has already banned the use of a privately developed baht-based stablecoin before it could be publicly bought or sold, fearing it could destabilise the currency, yet it also indicated interest in developing its own coin in the future.