Thailand's central bank has begun scrutinizing cross-border stablecoin flows, categorizing such activity under its 'gray money' monitoring framework. The move reflects growing regulatory interest in tracking foreign-linked digital assets. For traders monitoring regulatory landscapes, this development signals tighter scrutiny on stablecoin usage patterns—particularly those with international counterparty exposure. Such classification puts these assets on the radar for ongoing surveillance, likely affecting how market participants structure transactions in the region.