tl;dr
Vietnam's 16% credit surge fuels digital asset growth, while Kazakhstan balances stablecoins and CBDCs to reshape financial sovereignty. Discover how these strategies are redefining global crypto dynamics.
**Vietnam's Credit Surge and Kazakhstan's Dual Crypto Strategy Highlight Global Digital Asset Trends**
**Vietnam's Credit Expansion Fuels Digital Asset Growth**
Vietnam’s economy is experiencing a significant credit boom, with the State Bank of Vietnam reporting a 16% growth in outstanding loans as of the first nine months of 2025. The central bank anticipates this trend to accelerate, projecting a 20% credit expansion by year-end—the highest in 15 years. This surge, driven by robust liquidity, is expected to bolster asset prices, particularly in the digital asset sector.
The $671 billion in total outstanding loans represents a 4% increase compared to the same period in 2024, positioning Vietnam to mitigate the economic pressures from U.S. tariffs under former President Donald Trump. Deputy Governor Pham Thanh Ha noted that the influx of liquidity is likely to flow into riskier assets, with digital currencies benefiting significantly.
Vietnam has emerged as a global hub for digital asset adoption. According to Chainalysis’ Global Crypto Adoption Index, the country ranks fourth, trailing only India, the U.S., and Pakistan. A 2024 study by the Crypto Council for Innovation revealed that 21.2% of Vietnam’s population—over 21 million citizens—holds digital assets, the second-highest rate worldwide after the UAE.
This growth is fueled by favorable regulations and a lack of taxation on digital assets. However, the government has recently introduced stricter measures to safeguard investors. The Finance Ministry proposed a five-year “crypto” trading pilot program, limiting licensed exchanges to five entities. Despite this, no applications have been submitted, raising concerns about delays. Industry leaders attribute the lack of participation to stringent requirements, such as a 10 trillion VND ($380 million) capital threshold—far higher than the under $5 million required in Hong Kong and Singapore.
**Kazakhstan's Dual Strategy: Stablecoins and CBDCs Coexist**
Meanwhile, Kazakhstan is navigating a unique path by integrating both stablecoins and central bank digital currencies (CBDCs). The National Bank of Kazakhstan (NBK) launched Evo, a tenge-backed stablecoin, to "localize liquidity" and protect monetary sovereignty. Simultaneously, the central bank is advancing its CBDC, the digital tenge, which Deputy Governor Berik Sholpankulov emphasized as a tool for promoting digital payments.
Sholpankulov clarified that Evo and the digital tenge are not competitors but complementary. "They offer opportunities for integration and interoperability," he stated. While Evo facilitates everyday transactions and cross-border payments, the digital tenge serves as a monetary policy tool backed by the central bank.
Talgat Dossanov, founder of the Intebix exchange, echoed this sentiment, noting that Evo enhances global crypto integration, while the digital tenge strengthens financial sovereignty. "The digital tenge reinforces the central bank’s role, while Evo drives innovation and international connectivity," he said.
**Conclusion**
Vietnam’s credit boom and Kazakhstan’s dual crypto strategy underscore the evolving global landscape of digital finance. Vietnam’s emphasis on digital asset growth, despite regulatory challenges, highlights its ambition to lead in Southeast Asia’s fintech sector. Meanwhile, Kazakhstan’s approach demonstrates a balanced effort to leverage both stablecoins and CBDCs for economic stability and innovation. As these nations navigate regulatory and market dynamics, their experiences offer valuable insights into the future of digital currencies worldwide.