Vietnam's Blockchain Revolution: How Coin98 and Tether Are Pioneering the Next Wave of Digital Asset Infrastructure

Vietnam is emerging as a pivotal player in the global blockchain and stablecoin landscape, leveraging strategic partnerships and regulatory innovation to position itself at the forefront of digital asset infrastructure. As emerging markets increasingly adopt blockchain-driven governance models, Vietnam's collaboration with Coin98 and Tether stands out as a blueprint for balancing innovation with compliance. This analysis explores how these initiatives align with broader global trends and why investors should pay close attention to Vietnam's digital transformation.

Vietnam's Strategic Blockchain Infrastructure: A National Priority

Vietnam's 2025 digital transformation strategy has prioritized blockchain as a cornerstone of economic modernization. At the heart of this effort is G98, a joint venture between Coin98 and local partners, which recently signed a memorandum of understanding with Tether to develop regulatory-compliant digital asset products and blockchain infrastructure. G98's four pillars-blockchain infrastructure development, compliant digital assets, service offerings, and ecosystem growth- reflect a holistic approach to building a scalable, secure, and inclusive digital economy.

This partnership is not an isolated effort but part of Vietnam's broader ambition to become a regional technology hub. For instance, Tether has also signed MoUs with Da Nang City, a key economic zone, to advance blockchain-powered governance and infrastructure. Under this agreement, Tether will assist in crafting blockchain regulations, enabling sandbox experiments, and tokenizing real-world assets. Additionally, educational programs on blockchain, AI, and digital payments will empower local talent, ensuring Vietnam's workforce is equipped for the future.

Regulatory Innovation: Balancing Caution and Growth

Vietnam's approach to digital assets is characterized by a delicate balance between regulatory caution and innovation. While the country has implemented strict capital requirements for crypto exchanges and a five-year pilot program for token issuance, it has also created exemptions for pilot projects, allowing experimentation within controlled frameworks. This duality mirrors global trends, where jurisdictions like the U.S. (via the GENIUS Act) and the EU (under MiCA) are establishing structured regulatory environments to foster stablecoin adoption while mitigating risks.

Vietnam's strategy is particularly noteworthy for its focus on financial inclusion and transparency. By integrating stablecoins into cross-border payments and treasury operations, the country aims to reduce reliance on traditional correspondent banking systems, which are often slow and costly. This aligns with global data showing that stablecoins now account for 30% of on-chain crypto transactions, with Vietnam joining markets like India, Brazil, and the Philippines in leading adoption.

Global Context: Vietnam in the Stablecoin Ecosystem

Vietnam's blockchain initiatives must be viewed through the lens of a global shift toward stablecoin-driven finance. In 2025, stablecoin transaction volumes surged to $4 trillion, with emerging markets accounting for a significant share. Countries like India and Brazil have leveraged stablecoins for remittances and anti-inflation strategies, while Latin America reported 71% of firms using stablecoins for cross-border payments. Vietnam's partnerships with Tether and Coin98 place it in this elite cohort, capitalizing on the same demand for fast, low-cost, and transparent financial tools.

Risks and Challenges: A Cautionary Lens

While Vietnam's blockchain revolution is promising, it is not without risks. The rise of stablecoins in emerging markets has raised concerns about currency substitution and loss of monetary policy control. Additionally, the potential for misuse in illicit financial activities remains a regulatory challenge. Vietnam's pilot programs and capital requirements aim to mitigate these risks, but investors must monitor how the country navigates these complexities in the coming years.

Investment Implications: Why Vietnam Matters

For investors, Vietnam represents a unique intersection of strategic policy, technological innovation, and global demand. The country's partnerships with industry leaders like Tether and Coin98 signal confidence in its long-term vision, while its regulatory adaptability positions it to attract global capital. As stablecoin adoption continues to outpace traditional financial systems in emerging markets, Vietnam's blockchain infrastructure could become a critical node in the global digital economy.

In a world where digital assets are reshaping finance, Vietnam's blockchain revolution is not just a national story-it's a harbinger of the next wave of innovation. By investing in this ecosystem, stakeholders can tap into a market poised for exponential growth, driven by the same forces that are transforming economies from India to Brazil.