In a move that further strengthens Tether’s relationship with Vietnam, the stablecoin giant joined hands with Da Nang City to harness the transformative power of blockchain technology. According to the latest official announcement, Tether has signed a Memorandum of Understanding (MoU) today with the People’s Committee of Da Nang City in Vietnam.
This progress partnership, announced on November 5, is set to revolutionise the city’s digital infrastructure and governance models, leveraging Tether’s industry-leading insights and global expertise to drive innovation and transparency. As Da Nang City emerges as a global hub for digital transformation in Vietnam, this collaboration is poised to unlock new opportunities for growth, efficiency, and sustainability, setting a shining example for other cities to follow.
Tether Strengthens Ties with Vietnam
According to Tether’s official post, the digital asset company has signed an MoU with Vietnam’s Da Nang City to bolster blockchain-driven governance and technological advancements. This strategic development marks a significant milestone in the quest for digital excellence, as two forward-thinking entities come together to shape the future of digital infrastructure and innovative governance models.
Acknowledging this strategic collaboration, Tether CEO Paolo Ardoino stated,
“Da Nang is emerging as the future of digital governance in Southeast Asia with a clear vision for how technology can serve people and strengthen governance. We are excited to collaborate with such a forward-thinking city that reflects Tether’s commitment to building inclusive, efficient, and resilient digital ecosystems.”
Why is This Deal Important?
Under this MoU, Tether and Da Nang City will collaborate on researching and developing a framework for the responsible integration of blockchain, digital assets, and peer-to-peer technologies. They will utilize global best practices to create transparent, efficient, and robust digital governance solutions.
Additionally, Tether will help Da Nang City to develop policies for blockchain technology, cryptocurrencies, and tokenization for real-world assets. The platform will also share its global expertise to create a framework that meets international standards, prioritizing safety and transparency in cryptocurrency governance.
Moreover, both parties will collaborate on educational initiatives, developing specialized training programs with local universities and research institutions to build expertise in blockchain, AI, and P2P technologies. These programs will focus on enhancing local capacity for blockchain-based payment systems, promoting financial inclusion, and modernizing transactions. Mr. Ho Ky Minh, Standing Vice Chairman of Da Nang People’s Committee, posited,
“With a spirit of innovation and openness, Da Nang aspires to establish itself as a trusted destination for global technology and financial corporations. The cooperation with Tether is a concrete step in the city’s development strategy – positioning Da Nang as a gateway for investment and financial innovation in Vietnam.”
Tether Explores Trading Opportunities in Vietnam
Significantly, this move comes as part of Tether’s vision of expanding its services in Vietnam. Last month, the stablecoin giant announced its plans to establish a digital asset trading platform in Vietnam. During a meeting on October 9, Tether’s Vice President for Global Development and Partnerships, Macro Dal Lago, discusses potential collaborations with Deputy Prime Minister Ho Duc Phoc.
The Vietnamese government approved a 5-year pilot scheme for the crypto market, paving the way for potential alliances. Minister Phoc noted,
“Authorities plan to license around five exchanges that demonstrate strong financial capacity, credibility, and robust technical infrastructure. Once the pilot operates smoothly, Vietnam will move forward with a formal legal framework to govern this market.”
As per Lago, Tether sees Vietnam as a crucial market in the region due to its vibrant economy. “With advanced technology, cost efficiency, and extensive global experience, Tether is confident in its ability to support Vietnam in developing and managing digital asset trading operations,” stated Lago. He added, “Tether is committed to collaboration, sharing expertise, and assisting Vietnamese partners in building a sustainable and transparent digital asset market that unlocks new opportunities for international investment.”
