Tether and Da Nang City Sign MoU to Advance Blockchain Tech
Tether and Da Nang City Partnership
- Tether and the People's Committee of Da Nang City signed an MoU on Nov. 5 to enhance blockchain technology and digital infrastructure in Da Nang.
- The agreement covers policy development, educational initiatives, and integration of peer-to-peer technology.
- Tether will collaborate with Vietnamese universities to create educational programs on blockchain and AI, and provide training for blockchain-based payment systems.
Da Nang’s Regulatory Sandbox
- Da Nang operates under a special regulatory authority for piloting unregulated technologies through Resolution 222/2025/QH15.
- The city has approved a cryptocurrency payment pilot allowing conversions between cryptocurrencies and Vietnamese dong through Basal Pay over 36 months.
- This aligns with Vietnam's five-year digital asset pilot program initiated earlier in 2025.
Legal Framework Challenges
- Vietnam's national cryptocurrency framework presents regulatory challenges due to conflicting asset classifications that exclude fiat-backed stablecoins like USDT.
- Resolution 222/2025/QH15 allows Da Nang to pilot technologies with exemptions from some national compliance standards.
Ho Ky Minh, Standing Vice Chairman of Da Nang People’s Committee, views the partnership as a strategic move to position Da Nang as a hub for investment and financial innovation in Vietnam.
Tether CEO Paolo Ardoino highlighted Da Nang's potential as a leader in digital governance in Southeast Asia, building on Tether's successful operations and profitability. The company reported record profits in 2025, with net profits nearing $15 billion.