9Pay: Vietnam's Stablecoin QR Payment Revolution

The landscape of global financial transactions is undergoing a profound transformation, driven by innovations in fintech and digital assets. At the forefront of this evolution in Southeast Asia, Vietnamese payment provider 9Pay has initiated a groundbreaking pilot program: a stablecoin-to-QR payment gateway operating within the robust framework of the Vietnam International Financial Centers (IFC) regulatory sandbox. This strategic move positions Vietnam as a burgeoning hub for digital payment solutions, promising to reshape how cross-border transactions are conducted.

The Dawn of Stablecoin-to-QR Payments in Vietnam

The core objective of 9Pay’s pilot is to streamline cross-border payments, an area historically plagued by inefficiencies and high costs. Under this innovative system, users from the United States can seamlessly execute payments in Vietnam simply by scanning local QR codes. This functionality is integrated into various fintech applications, e-wallets, and specialized stablecoin applications, ensuring broad accessibility and user-friendliness. The genius of this approach lies in its ability to circumvent traditional currency conversion hurdles at the point of sale, routing transactions through stablecoin-enabled rails that are meticulously integrated with Vietnam’s established and regulated payment infrastructure.

Bridging Borders with Digital Assets

This initiative represents a significant leap forward in connecting disparate financial ecosystems. For the growing number of U.S. travelers and businesses interacting with Vietnam, the ability to pay directly in stablecoins offers unparalleled convenience and transparency. It mitigates the volatility often associated with cryptocurrency, leveraging the stability of stablecoins pegged to fiat currencies like the US dollar. By removing the need for physical cash or multiple currency exchanges, 9Pay is not only enhancing the user experience but also fostering greater financial inclusion and operational efficiency across borders.

The Vietnam IFC Sandbox: A Catalyst for Innovation

9Pay’s participation as one of the first ten entities in the Vietnam IFC regulatory sandbox underscores the strategic importance of this pilot. Operating under the auspices of the Vietnam IFC in key economic centers like Danang and Ho Chi Minh City, this sandbox provides a controlled environment for licensed domestic and foreign firms to test cutting-edge digital payment solutions. This regulatory foresight is a critical component of Vietnam’s broader digital government agenda, which aims to cultivate a dynamic and innovative financial technology sector while ensuring robust consumer protection and market stability. The sandbox acts as a crucible, allowing for rigorous testing and refinement of novel financial products before their wider market deployment.

Economic Implications and Global Trends

The timing of 9Pay’s pilot aligns perfectly with the explosive growth witnessed in the global stablecoin market. Industry data cited by 9Pay reveals that worldwide stablecoin transaction volumes reached an astounding US$33 trillion in 2025, marking a phenomenal 72 percent year-on-year increase. This meteoric rise is driven by several factors, including increasing institutional adoption and supportive regulatory developments globally. 9Pay specifically highlighted legislative advancements in the United States, such as the GENIUS Act passed in July 2025, as a crucial impetus for this expansion, signaling a maturing regulatory environment that bolsters confidence in digital assets.

The Surging Tide of Stablecoins

The significant volume of stablecoin transactions reflects their growing utility as a reliable medium for value transfer, particularly in cross-border contexts. Their price stability, unlike more volatile cryptocurrencies, makes them ideal for everyday transactions and remittances, offering a digital alternative to traditional banking rails that can be slower and more costly. As more countries, like Vietnam, embrace regulatory frameworks for digital assets, the potential for stablecoins to revolutionize global finance continues to expand.

Benefits for Businesses and Consumers

Vietnam welcomed 21.2 million international arrivals in 2025, with nearly 849,000 travelers originating from the U.S. – a demographic increasingly conversant with digital assets. For these visitors, 9Pay’s gateway offers unparalleled convenience. Beyond individual users, the pilot presents a significant opportunity for U.S. fintech firms and global payment service providers. It provides a compliant and efficient route to serve customers in Vietnam without the complex and often costly requirement of establishing a local legal entity. Furthermore, by utilizing stablecoin rails, the system significantly reduces intermediary layers, leading to substantial cost savings. Foreign exchange and processing costs, which typically range from 3 percent to 5 percent in traditional systems, can be dramatically lowered. The promise of near-instant settlement also offers a critical advantage, significantly improving merchant cash flow and operational liquidity.

9Pay's Vision and Future Outlook

Operating under licenses issued by the State Bank of Vietnam for intermediary payment services and foreign currency transactions, 9Pay is firmly anchored in the country’s regulatory landscape. This compliance ensures the integrity and security of its services, fostering trust among users and stakeholders.

Strategic Expansion and Use Cases

Looking ahead, 9Pay has ambitious plans to broaden the application of its stablecoin-based payments. The company intends to support diverse use cases across critical sectors such as tourism, remittances, and cross-border commerce. By integrating stablecoin payments with Vietnam’s robust local QR infrastructure, 9Pay aims to create a cohesive and ubiquitous digital payment ecosystem that caters to both local needs and international demands. This strategic integration is poised to unlock new economic opportunities and further cement Vietnam’s position in the global digital economy.

Regulatory Compliance and Trust

The foundation of any successful fintech innovation rests on regulatory adherence and the trust it instills. 9Pay's diligent compliance with licenses from the State Bank of Vietnam ensures that its operations are not only innovative but also secure and legally sound. This commitment to regulatory best practices is crucial for attracting both domestic and international users and partners, building confidence in the nascent stablecoin payment ecosystem.

In conclusion, 9Pay's pilot of stablecoin-to-QR payments under the Vietnam IFC Sandbox marks a pivotal moment for fintech in Southeast Asia. By embracing digital assets and fostering an environment of innovation, Vietnam is setting a precedent for how nations can leverage technology to simplify global financial interactions, drive economic growth, and enhance the experience for businesses and consumers alike. The success of this pilot could well pave the way for a new era of efficient, cost-effective, and globally interconnected payment systems.