Youths use Vietnamese dong converted from stablecoin USDT to make purchases at a licensed sandbox location in Da Nang, central Vietnam, January 2026. Photo: Truong Trung / Tuoi Tre
Vietnam has begun a controlled pilot allowing the conversion of the stablecoin USDT into Vietnamese dong (VND), with Da Nang becoming the first locality to license such transactions under a regulatory sandbox.
USDT, Tether's dollar-pegged cryptocurrency, has a market capitalization of more than US$169 billion, Reuters reported, citing crypto data provider CoinGecko.
The pilot allows conversions only at three designated locations in the city: the Da Nang Software Park at 2 Quang Trung Street, Da Nang Software Park No. 2 on Nhu Nguyet Street, and the Da Nang Innovation Startup Support Center at 58 Nguyen Chi Thanh Street.
Transactions conducted outside these areas are not permitted.
A user displays the Basal Pay application on a mobile phone while converting digital assets under a regulatory sandbox program in Da Nang, central Vietnam, January 2026. Photo: Truong Trung / Tuoi Tre
Two platforms have been approved to support the program.
One of them, Basal Pay, has begun operating under the sandbox framework.
Users seeking to convert crypto assets must be physically present at one of the licensed locations.
After depositing assets such as USDT into a digital wallet on the Basal Pay application, users can convert them into VND through QR-code transactions.
Converted funds are paid in VND to merchants, bank accounts, or other users on the same platform.
Users carry out digital asset conversions at one of three locations licensed under a crypto sandbox program in Da Nang, central Vietnam, January 2026. Photo: Truong Trung / Tuoi Tre
Tran Dinh, chief executive of Basal Pay, said the application has about 6,000 registered users across the three licensed locations.
Foreign users account for roughly 30 percent and generate a significant share of transaction demand during the pilot period, Dinh added.
Total transaction and conversion volume during the pilot has reached about 40,000 USDT, he said.
Users receive guidance on how to convert digital assets under a controlled sandbox program in Da Nang, central Vietnam, January 2026. Photo: Truong Trung / Tuoi Tre
Conversions are capped below 500 USDT or a maximum of five transactions per account.
Users exceeding either threshold are required to complete identity verification procedures.
Dinh said all transactions conducted during the trial comply with the Financial Action Task Force's 'Travel Rule' standards on anti-money laundering.
A representative of the other approved platform, MIMO, said it is preparing to begin operations under the sandbox.
Da Nang Software Park No. 2, one of three locations licensed to conduct digital asset conversions under a regulatory sandbox, is seen in Da Nang, Vietnam, January 2026. Photo: Truong Trung / Tuoi Tre
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