The State Bank of Vietnam published a workshop report summarising remarks on how blockchain-based digital assets, including cryptocurrencies and stablecoins, are increasingly being considered as collateral in secured lending, while highlighting legal uncertainty as a key constraint. The speaker, Giacomo Merello of Antigua & Barbuda’s Digital Asset Business Promotion Council, distinguished stablecoins such as USDT and USDC, which are typically pegged 1:1 to fiat currency and used in payments and decentralised finance, from more volatile cryptoassets such as BTC and ETH. He pointed to international regulatory and market developments including the European Union’s Markets in Crypto-Assets Regulation, Singapore’s licensing regime under the Payment Services Act (2019) and court recognition of digital assets as property, Switzerland’s acceptance of blockchain digital bonds as central bank repo collateral (February 2023) and SIX’s launch of a digital collateral service allowing pledges of cryptoassets alongside traditional securities (February 2025). The report also set out challenges for secured transactions, including the lack of digital-asset concepts in traditional collateral laws, irreversibility of blockchain transactions, smart contract risks and cross-border legal inconsistencies, and noted Vietnam’s reported scale of activity with more than 17 million users and a market value above USD 100 billion alongside calls for clearer rules and stronger financial-risk and anti-money laundering controls.

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