Tether Partners with Da Nang to Advance Blockchain Amid Vietnam's Mixed Crypto Regulations

2025-12-23 09:58:52

Tether has formalized a strategic collaboration with the Da Nang People’s Committee through a Memorandum of Understanding (MoU) signed on November 5, 2025, aimed at fostering blockchain adoption, policy innovation, and educational initiatives in the Vietnamese city.

Key Highlights

The partnership focuses on blockchain policy formulation, university-level education programs, and peer-to-peer payment infrastructure.
Da Nang has approved a 36-month pilot enabling USDT-to-VND conversions via Basal Pay under its International Financial Center (IFC) sandbox.
Tether will introduce its proven Plan ₿ framework, previously successful in Lugano, Switzerland.

Partnership Details and Objectives

The agreement emphasizes joint efforts to develop regulatory policies for blockchain technology, digital assets, and real-world asset (RWA) tokenization. Tether will contribute expertise from its Plan ₿ initiative—originally implemented in Lugano to enable cryptocurrency payments for taxes and local merchants—and partner with Vietnamese universities to create curricula on blockchain and artificial intelligence.

Additionally, Tether will offer training programs to help both public and private sectors build robust blockchain-based payment systems. The MoU was signed shortly after Vietnam’s Prime Minister urged swift operationalization of the Da Nang IFC on November 1, aligning with the nation’s broader five-year digital asset pilot launched earlier in 2025.

Da Nang’s Regulatory Sandbox Advantage

Da Nang benefits from special exemptions under national law, allowing it to test innovative financial technologies in a controlled environment.

Vietnam Crypto Regulatory Overview (2025)

Resolution/Decision	Key Provision	Impact on Da Nang/Tether Partnership
Resolution 05/2025/NQ-CP	Establishes licensing for crypto exchanges; excludes fiat-backed stablecoins (e.g., USDT) from “crypto asset” definition	Creates national restriction on stablecoins like USDT
Resolution 222/2025/QH15	Grants Da Nang IFC sandbox authority with exemptions from select national rules	Enables local pilots overriding certain bans
Decision No. 1181 (Da Nang)	Approves 36-month crypto payment pilot via Basal Pay (USDT ↔ VND conversions)	Directly supports Tether’s stablecoin integration

Navigating National vs. Local Conflicts

Vietnam’s regulatory landscape presents contradictions: while Resolution 05/2025/NQ-CP effectively sidelines fiat-pegged stablecoins nationally, Da Nang’s sandbox status under Resolution 222/2025/QH15 permits experimental exemptions. This flexibility has allowed the city to greenlight cryptocurrency conversions and position itself as a hub for financial innovation.

Ho Ky Minh, Standing Vice Chairman of Da Nang People’s Committee, described the Tether collaboration as a pivotal move to attract investment and establish Da Nang as Vietnam’s gateway for digital finance. Tether CEO Paolo Ardoino praised the city as a emerging leader in digital governance across Southeast Asia.

The initiative builds on Tether’s dominant USDT operations and strong 2025 financial performance, with the company forecasting nearly $15 billion in annual profits amid a stablecoin market surpassing $316 billion.

Tether–Da Nang Partnership FAQ

What is the main goal of the Tether–Da Nang partnership? To advance blockchain policy, develop educational programs on blockchain/AI, and integrate peer-to-peer payment systems, including sharing expertise from Tether’s Plan ₿ model.

When was the MoU signed? November 5, 2025, just days after Vietnam’s Prime Minister called for faster IFC implementation.

Is USDT allowed in the Da Nang pilot? Yes—through a 36-month program approved via Basal Pay, enabling direct conversions between USDT and Vietnamese dong (VND) under the city’s sandbox authority.

How does this partnership work despite Vietnam’s national stablecoin restrictions? Da Nang operates under special exemptions granted by Resolution 222/2025/QH15, allowing it to pilot technologies that deviate from stricter national rules outlined in Resolution 05/2025/NQ-CP.

What is Plan ₿ and how will it be used in Da Nang? Plan ₿ is Tether’s framework successfully deployed in Lugano, Switzerland, enabling cryptocurrency acceptance for municipal payments and merchant transactions. It will serve as a blueprint for similar integrations in Da Nang.

What benefits does Tether bring to the partnership? Expertise in stablecoin operations, blockchain infrastructure training, and university curriculum development.

How does this affect Vietnam’s broader crypto landscape? It highlights regional experimentation within a nationally cautious framework, potentially influencing future policy as the five-year digital asset pilot progresses.

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