Vietnamese payment provider 9Pay is piloting a stablecoin-to-QR payment gateway under the Vietnam International Financial Centers regulatory sandbox.

U.S. users can make payments in Vietnam by scanning local QR codes using fintech apps, e-wallets and stablecoin applications.

The company said the pilot is designed to simplify cross-border transactions.

It removes currency conversion at the point of sale and routes payments through stablecoin-enabled rails integrated with Vietnam’s regulated payment infrastructure.

9Pay is one of the first ten participants in the sandbox. The framework operates under the Vietnam IFC in Danang and Ho Chi Minh City.

It allows licensed domestic and foreign firms to test digital payment solutions as part of Vietnam’s broader digital government agenda.

Industry data cited by 9Pay shows global stablecoin transaction volumes reached US$33 trillion in 2025, up 72 percent year-on-year.

The company pointed to regulatory developments in the United States, including the GENIUS Act passed in July 2025, as a key driver.

Vietnam recorded 21.2 million international arrivals in 2025. U.S. visitors were among the top 10 source markets at nearly 849,000 travellers, a segment increasingly familiar with digital assets.

For U.S. fintech firms and global payment service providers, 9Pay said the gateway offers a compliant route to serve customers in Vietnam without establishing a local legal entity.

The company added that stablecoin rails can reduce intermediary layers.

It said foreign exchange and processing costs typically range from 3 percent to 5 percent, and that near-instant settlement can improve merchant cash flow.

9Pay said it operates under licences issued by the State Bank of Vietnam for intermediary payment services and foreign currency transactions.

It plans to support use cases across tourism, remittances and cross-border commerce by integrating stablecoin-based payments with Vietnam’s local QR infrastructure.