Stablecoins are the key to cross-border transactions. However, for them to be useful in the real economy, Off-Ramps (converting digital assets to fiat currency) are critical. Without an effective Off-Ramp, the cryptocurrency ecosystem remains isolated. In Vietnam, the challenges of liquidity and the legality of Off-Ramps are pressing topics for financial institutions seeking a viable approach.

I. Off-Ramp and Its Symbiotic Relationship with Stablecoins

Off-Ramps enable users to convert digital assets into fiat currency (sent to banks or cards). Their main function is to link bank accounts or digital wallets with cryptocurrency platforms, creating seamless transactions. Stablecoins are ideal for Off-Ramps because they serve as a stable "payment layer"—an intermediary between volatile cryptocurrencies and fiat. They facilitate rapid (T+0), 24/7, low-cost value transfers and protect value from volatility and inflation.

In Vietnam, the dominance of USD-pegged stablecoins (like USDT and USDC) is contributing to a form of "digital dollarization," as users seek stable stores of value amidst the current regulatory environment.

II. Liquidity and Operational Challenges in Vietnam’s Market

Like many emerging markets, Vietnam presents a complex case study: high digital asset adoption colliding with a "legal grey zone," where cryptocurrencies are not recognized as legal tender by the State Bank of Vietnam (SBV). 1. The Liquidity Duplex: The liquidity challenge in stablecoin Off-Ramps involves two primary issues:

Market Liquidity: Off-ramps to local currencies (like VND) often suffer from thin liquidity, leading to significant slippage and wide price spreads. The USDT/VND exchange rate fluctuates based on domestic supply and demand, not a fixed 1:1 peg. Capital Liquidity: Service providers (PSPs) require fiat (VND) capital to pre-fund instant payments while awaiting on-chain stablecoin transaction confirmations, creating a significant demand for working capital.

2. Regulatory Barriers and Security Risk: Ahead of the new 2026 legal framework, the Vietnamese market primarily relies on P2P platforms and international CEXs. P2P carries high fraud risks (fake receipts, impersonation, phishing). Legitimate off-ramp portals must adhere to strict AML/KYC regulations, which adds complexity and increases costs.

3. Operational Friction: The core challenge is integrating fast (on-chain) Stablecoin systems with traditional banking systems (which require off-chain reconciliation time). This "last mile" problem is where most delays and costs occur. Many banks remain hesitant to provide services to crypto-related businesses due to concerns about legal and compliance risks.

III. Strategic Solution: FinFan's Unification of Blockchain and Fiat Systems

Global payment giants like Western Union and MoneyGram are integrating stablecoins (like USDC on Stellar) to reduce costs, increase transaction speed, and protect users from currency devaluation.

FinFan, as a Currency Conversion Aggregator Platform, is positioned to unify blockchain and fiat in Vietnam through a specialized Off-Ramp solution. This solution emphasizes legal compliance (EKYC/KYB/AML) and utilizes high-performance technical infrastructure (24/7 API, 95% success rate) to process high transaction volumes instantly.

Furthermore, FinFan accesses deep and reliable liquidity through strategic partnerships with Ripple, Circle, and TripleA, while actively preparing resources to be ready for solution testing within the regulatory Sandbox framework. FinFan's core competitive advantage lies in its superior distribution network. As the first e-wallet aggregator to capture 80% of the Vietnamese market, FinFan has the ideal infrastructure and resources to develop a seamless, multi-channel stablecoin-to-VND payout solution, ready for when legal corridors like the Sandbox are implemented.

IV. A Maturing Future: Preparing for a New Legal Era

When all provisions of the "Digital Technology Industry Law" take effect in 2026, along with other related guiding documents and regulations, Vietnam will transition to a strict legal framework, recognizing digital assets and requiring exchanges to be licensed by the Ministry of Finance. This landscape redefines Off-Ramp, transforming it from a technical challenge into a strategic compliance imperative, prioritizing institutional models over P2P.

FinFan, with its compliance-driven infrastructure and strategic partnerships (like Ripple), is pioneering the digital finance market. We are focused on building the next-generation "X-Border Platform," aimed at balancing blockchain speed with regulatory integrity, to drive global financial integration for Vietnam through stable, low-cost payments.