On October 9, 2025, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Tien Dzung chaired a working session with Tether Fintech Group.
Attending the meeting were leaders of key functional departments of the SBV, including the Foreign Exchange Management Department, Payment Department, International Cooperation Department, Monetary Policy Department, and the Anti-Money Laundering Department.
The Tether delegation was led by Mr. Marco Dal Lago, Vice President for Global Business Development and Partnerships, and Mr. Giles Dixon, Global Vice President for Legal, Processes, and Licensing.
Deputy Governor Pham Tien Dzung welcomes representatives of Tether Group
During the session, representatives from Tether shared insights and experience regarding global trends and regulatory frameworks for stablecoins in several jurisdictions, including the United States, the European Union, Singapore, Japan, and others.
The Group also presented in detail the Tether-issued stablecoin, covering its reserve assets, custody, redemption mechanisms, and information disclosure, thereby clarifying the context, operational mechanism, and functioning of the stablecoin.
Deputy Governor Pham Tien Dzung speaks at the meeting
Deputy Governor Pham Tien Dzung emphasized that, in line with Resolution No. 57-NQ/TW dated December 22, 2024 on breakthroughs in science, technology, innovation, and national digital transformation; the Law on Digital Technology Industry; Resolution No. 222/2025/QH15 on establishing international financial centers; and Resolution No. 05/2025/NQ-CP on piloting the digital asset market, Vietnam is gradually developing and refining its legal framework for the digital financial market and digital assets.
Representatives of Tether Group speaks at the meeting
The Deputy Governor noted that digital assets, including stablecoins, are expanding rapidly. Regulators worldwide, including in Vietnam, recognize this as a new area that presents both challenges and opportunities, requiring comprehensive and thorough assessment of its implications. Therefore, Vietnam is in the process of studying, consulting, and learning from international experience. The SBV consistently prioritizes macroeconomic stability, regarding it as a fundamental cornerstone for monetary policy management and central bank operations.
Both parties acknowledged their commitment to continued cooperation and agreed to further share and update information on matters related to stablecoins in the coming period.
HM