Under a decision by the Danang People’s Committee, Dragon Lab JSC has been authorized to test its “MIMO solution”, which acts as an intermediary for converting the stablecoin USDT into Vietnamese dong (VND) and vice versa under a non-custodial mechanism.

Following the approval, the Danang Department of Science and Technology issued a controlled pilot licence to Dragon Lab, valid from December 18, 2025 to December 17, 2028.

The pilot program will be implemented under the supervision of the city’s science and technology authorities and conducted at three locations: Danang Software Park No.1 on Quang Trung street, Danang Software Park No.2 on Nhu Nguyet street, and the Danang Startup and Innovation Support Centre on Nguyen Chi Thanh street.

Dragon Lab said MIMO is the first and only solution in Vietnam to be licensed for pilot testing of a non-custodial intermediary model for converting digital assets such as USDT into fiat currency (VND).

The company said the model is designed to enhance user safety and support transactions within a regulated testing framework.

Vietnam’s legal regulations governing digital assets, effective from January 1, 2026, increase expectations that controlled pilot schemes will help establish transparent operating procedures and strengthen compliance capacity.

Authorities said the pilots are aimed at reducing risks for users during digital asset transactions and value conversion, particularly risks related to the origin of funds and the misuse of digital assets to legitimize illegal transactions.

Danang has previously approved other time-limited, controlled pilot projects related to crypto asset conversion.

The city said the long-term goal is to test such models locally before expanding nationwide, with priority given to major cities such as Hanoi and Ho Chi Minh City and other areas with high demand for digital asset exchanges.

Vietnam on December 21 announced the establishment of its International Financial Center (IFC), with Prime Minister Pham Minh Chinh pledging to fast-track the resolution of investor difficulties through a “special process”.

The IFC is located in both HCMC and Danang, following the model of “one center, two destinations,” according to a resolution adopted by the country’s legislature in June.

HCMC will serve as the main hub, focusing on large-scale financial markets including securities, bonds, banking, fund management, and listing services. Danang will prioritize financial services related to logistics, maritime activities, free trade, and supply chains for industrial and agricultural sectors.