Vietnam, a country that frequently appears in Web3 research reports, is becoming one of the most active regions for global Crypto Assets applications.

With a young population, high mobile network penetration, and a strong willingness for financial innovation, these labels fit Vietnam perfectly. According to research from an on-chain data analysis agency, Vietnam has consistently ranked among the top in the global Crypto Assets adoption index, which is not just a numbers game of trading volume but also reflects real payment needs and changes in habits in daily life.

So the question arises: when stablecoins and crypto payments transition from whitepapers to real life and are truly circulating in the streets, what will they look like?

The latest field visit gave me the answer. It wasn't in the conference room of an exchange, nor on the stage of an industry forum, but in a massage parlor in Nha Trang, at roadside stalls, and in taxis.

What impressed me the most was the checkout process at a SPA store. Twelve people spent 320 dollars, and the owner's plan was very straightforward: a 10% discount for cash payments, while the original price for international credit card payments. At first glance, it seemed a bit unpleasant, after all, I was carrying a Visa card everywhere. But upon further reflection, this precisely illustrates something—the merchant's preference for cash has already surpassed that for traditional international cards.

The underlying logic behind this is worth pondering: exchange rate risk, transaction fees, settlement cycles—each of these is driving merchants and consumers to seek alternatives. In this process, the roles of USDT and other stablecoins are quietly changing.

The crypto story of Vietnam is far more vivid than data reports.