On the afternoon of October 9, 2025, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Tien Dung chaired a meeting with Tether, a leading financial technology group in the cryptocurrency sector. Tether is one of the world’s most widely used stablecoin issuers, with a total reserve value exceeding $177 billion, including approximately $120 billion in U.S. Treasury bonds.
Overview of the meeting
During the session, Tether representatives shared insights on global stablecoin trends and regulatory policies in key jurisdictions, including the United States, European Union, Singapore, Japan, and others. They provided a detailed overview of Tether’s stablecoin operations, covering collateralization, custody, redemption processes, and transparency practices, to clarify the operational framework of their stablecoin.
Deputy Governor Pham Tien Dung emphasized Vietnam’s commitment to digital transformation and innovation, as outlined in Resolution No. 57-NQ/TW (December 22, 2024), the Digital Technology Industry Law, Resolution 222/2025/QH15 on the International Financial Center, and Resolution 05/2025/NQ-CP on the pilot cryptocurrency market. These initiatives reflect Vietnam’s efforts to establish a robust legal framework for digital finance and cryptocurrency markets.
The Deputy Governor noted the rapid growth of digital assets, including stablecoins, which present both opportunities and challenges for global regulators, including Vietnam. He highlighted the need for comprehensive analysis and international collaboration to address these emerging issues. The SBV remains focused on maintaining macroeconomic stability as a cornerstone of monetary policy and central banking operations.
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