Proposal to pilot stablecoin payments in international financial centers

According to data recently released by the State Bank of Vietnam (SBV), in the first five months of 2026, cashless payments in Vietnam increased by approximately 38% compared to the end of the previous year, with QR code payments increasing by more than 50% thanks to the boom in cross-border QR code payment services with China and South Korea.

From the beginning of April 2026, Chinese tourists can use the Alipay e-wallet to scan the VIETQRGlobal code at shops, restaurants, hotels, and tourist attractions throughout Vietnam. Simultaneously, the QR payment service between Vietnam and South Korea allows over 115 million user accounts, including tourists and South Koreans living and working in Vietnam, to use e-wallets or banking applications within the GLN International network to scan the code at hundreds of thousands of acceptance points nationwide.

Mr. Pham Anh Tuan, Director of the Payment Department of the State Bank of Vietnam, said that connecting cross-border QR payment with major markets such as China and South Korea brings many benefits, allowing tourists to use their local currency when spending on shopping and trading goods and services.

The volume of payment transactions through these two markets has recorded positive results right from the initial implementation phase. It is expected that this year, Vietnam will continue to expand QR payment connectivity with Singapore, Taiwan (China), India, and Japan...

On the business side, a representative from 9Pay Joint Stock Company (a payment intermediary and member of the International Financial Center in Da Nang ) stated that they are collaborating with Vietnam National Payment Corporation (Napas) to expand cross-border payments using QR codes, allowing tourists from many Southeast Asian countries such as Thailand, Laos, Cambodia, and Malaysia to use their banking applications or e-wallets to scan QR codes and make direct payments in Vietnam.

Notably, within the framework of a pilot program at the Da Nang International Financial Center, 9Pay is also researching the implementation of stablecoin payments via QR codes. If effectively implemented, this model could open up more convenient payment options for tourists from markets such as Russia, India, or the Middle East, while also helping e-wallets and international financial platforms connect more deeply with the Vietnamese market.

Stablecoins are a type of digital asset designed to maintain a stable value by being pegged to an external reference asset (usually fiat currency such as USD, EUR, etc.). The goal of stablecoins is to combine the advantages of cryptocurrencies, such as fast, cross-border, and intermediary-free transactions, with the price stability of traditional assets.

Source: https://www.vietnam.vn/en/de-xuat-thi-diem-thanh-toan-bang-stablecoin-tai-trung-tam-tai-chinh-quoc-te