Issuing a stablecoin Peg to the Vietnamese Dong, commonly known as VNDT, is not actually a major technological challenge; however, the key hurdle lies in the appropriate regulatory mechanism and legal framework. This is the assessment Chia by Ms. Le Vu Huong Quynh, Asia Market Development Director of Tether , in the context of stablecoins playing an increasingly important Vai in the global digital asset ecosystem.
According to Ms. Quynh, if we only consider blockchain technology, creating a VND Peg stablecoin can be done relatively quickly and simply. Even with the current infrastructure, both government agencies and private businesses can issue a stablecoin Token in about 10 to 15 minutes. However, the decisive factor in the success and sustainability of VNDT does not lie in the speed of issuance, but in whether the currency fully meets legal requirements.
According to Tether representatives, the legal framework for stablecoins needs to ensure core criteria such as real reserve assets behind the currency, transparency in operations, and clear, regular reporting obligations. Without strict oversight mechanisms, stablecoins are easily lost to market trust, especially given the numerous collapses of projects labeled "stable" but lacking underlying assets or having poor risk management.
Besides legal issues, another crucial point is that VNDT must have practical use value. Stablecoins only truly become meaningful when integrated into payment activities, money transfers, e-commerce, decentralized finance, or other digital financial services. Liquidation and distribution systems are also key factors, because without sufficient users, accepting partners, and supporting exchanges, even legally issued stablecoins will struggle to enter the economy.
Notably, Ms. Le Vu Huong Quynh emphasized that Vietnam consistently ranks among the top 5 largest cryptocurrency markets in the world, with approximately 18 million users, equivalent to nearly 20% of the population. This is a remarkable figure when compared to many countries with more developed economies but lower levels of crypto adoption. This reality demonstrates that Vietnam has a large, dynamic community of blockchain and crypto asset users who are ready to experiment with new financial models.
Therefore, the potential for applying blockchain and digital assets to economic growth in Vietnam is considered enormous, ranging from cross-border payments, remittances, inclusive finance to the digitization of traditional assets. In the context of many countries researching central bank digital currencies (CBDCs) or allowing stablecoins to operate under strict supervision, the VNDT (Vietnamese Dong) is also receiving increasing attention from the domestic community and businesses.
