Cryptocurrency exchange VNDC is launching a Vietnamese Dong-pegged stablecoin that is 100% backed by collateral held by Hong Kong-based regulated trustee First Digital Trust.
Token holders will be able to redeem the stablecoin, VNDC 2.0, for fiat currencies from anywhere in the world via Swift wires. Alternatively, holders can swap the stablecoin for dong via the exchange.
VNDC says its stablecoin is designed to boost international transactions with Vietnam by providing a compliant remittance solution built on Ethereum that is fast, low-cost, borderless, and operates 24/7.
Tam Tran, CEO, VNDC, says: "Vietnam has always been an early adopter of cryptocurrency and blockchain technologies and we are very excited to be the first exchange to bring a transparent VND stablecoin to the market to meet the growing demand of our digital asset communities as well as international investing during the global Covid-19 pandemic."
Kory Hoang, CEO of Stably, which is powering the project, adds: "In addition to making trading crypto in Vietnam easier, the country already has a thriving digital asset community which will greatly benefit from a VND-pegged stablecoin that is transparent, trustworthy, frictionless and borderless."
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