$177 billion crypto asset issuer wants to invest in Vietnam

(Dan Tri) - Tether - the unit that manages $177 billion in reserve assets - expressed its desire to cooperate with Vietnamese businesses to build a crypto-asset exchange.

On October 9, Deputy Prime Minister Ho Duc Phoc received Mr. Marco Dal Lago, Vice President of Development and Global Partnerships, and a delegation from Tether Group.

Tether is currently active in the crypto-asset space, being one of the world's largest stablecoin issuers. This digital currency is designed to keep its value stable by pegging it to another asset, most commonly the USD. As of now, Tether manages more than $177 billion in reserves, of which about $120 billion is in US Treasury bonds.

At the meeting, Deputy Prime Minister Ho Duc Phoc said that the Vietnamese Government is allowing a pilot implementation of the crypto-asset market for 5 years. The authorities plan to license about 5 exchanges with capacity, reputation and strong financial resources. When the pilot phase is in stable operation, Vietnam will build an official legal framework to operate this market.

According to the Deputy Prime Minister, crypto assets are a new field, fraught with risks but also opening up many opportunities. Vietnam wants to learn from the experiences of leading countries to both develop the market and ensure safety, creating a transparent "playground" for investors and people. He also suggested that Tether could study the opportunity to cooperate with a large domestic enterprise to jointly develop a crypto asset exchange.

The Deputy Prime Minister affirmed that in this field, Vietnam prioritizes cooperation with prestigious and highly reliable international technology corporations, aiming to build a safe and effective trading market, contributing to economic growth and attracting global financial resources.

Deputy Prime Minister Ho Duc Phoc received leaders of Tether Group (Photo: VGP).

On Tether's side, Mr. Marco Dal Lago expressed his impression of Vietnam's economic growth rate and considered Vietnam an important market. He said that with modern technology, reasonable costs and global deployment experience, Tether believes it can accompany Vietnam in developing and operating crypto-asset transactions.

Tether is committed to cooperating, sharing experiences and supporting Vietnamese partners to build the market sustainably, while opening up many international investment opportunities.

Deputy Prime Minister Ho Duc Phoc asked Tether to discuss more specifically key issues, including: ensuring system security and safety, building transaction management policies, choosing cooperation models and mechanisms, as well as international experience in managing cash flow through crypto-asset exchanges.

Source: https://dantri.com.vn/kinh-doanh/nha-phat-hanh-tai-san-ma-hoa-tri-gia-177-ty-usd-muon-dau-tu-vao-viet-nam-20251010072650571.htm