Naranbayar Uuganbayar

Vietnam just launched a national blockchain platform. And it's not just for crypto. It’s for nationwide data infrastructure. 👉 Digital identity 👉 Product traceability 👉 Government records 👉 Smart contracts 👉 Scalable public-private validation Meet NDAChain, a Layer 1 permissioned blockchain, built with 49 validator nodes from both government and private sector giants like Zalo, Masan, MISA, and the Ministry of Public Security. This isn’t a test. It’s the backbone for Vietnam’s digital economy. They’re blending: ✅ Centralized control  ✅ Decentralized trust  ✅ Real-world integration Why it matters: ↳ Verifies citizen identities across 100M+ people ↳ Secures real-time data for public services ↳ Complies with GDPR & W3C DID ↳ Uses ZKP, PoA consensus & supports 3,600 TPS ↳Already integrates with EU’s EBSI system ↳Open for Layer 2 innovation & startup ecosystem Vietnam’s strategy is clear: Blend decentralization + governance. Build digital trust at scale. And open doors for global trade & innovation. This is what forward-thinking national digital infrastructure looks like. Next two weeks in Vietnam is going to be big . GM Vietnam and ETH Vietnam are two largest events in Hanoi and Ho Chi Minh City. We will host Web3preneur Vietnam edition Let's explore Vietnam Ecosystem together . Let's Connect #Blockchain #DigitalIdentity #Vietnam #NDAChain

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After writing about Malaysia’s National blockchain, I didn’t expect Vietnam to launch one of its own right away 🇻🇳 But it seems they bookmarked my post – Vietnam just announced NDAChain, its state-backed Layer-1. And nothing says "mass adoption" like a government actually using the technology. The platform is a rather ambitious bundle of state-led infrastructure: 🔸 49 validator nodes – claimed to be set up in a public-private mode 🔸 NDA DID: decentralized identity  🔸 NDATrace: provenance for supply chains 🔸 Smart contracts for licensing, notarization, registry use cases 🔸 And, most importantly, ZK-Proofs to prevent full traceability – even by the state The main concern? Obviously the set of validators that supposedly includes not only “state” ones, but also major Vietnamese firms in finance, real estate, healthcare, and tech (e.g., Zalo, Vietnam’s leading messaging/social app. However, none of these companies are independent in a “Western” sense – in Vietnam, the state influence over strategic firms is common. Hence, for credibility, the validator set should eventually include more neutral, global participants. Hopefully, this drawback will be balanced by the use of ZK-Proofs – an attempt to solve the paradox of issuing a digital identity that its citizens might actually trust. 🇦🇷 Such an approach has already been battletested – Buenos Aires' miBa platform has already issued over 600,000 DIDs using a similar privacy-preserving approach, backed by nearly 90,000 transactions. It’s a good benchmark to have. Lastly, it’s worth mentioning that NDAChain resembles the European EBSI. And to avoid the same fate (years of pilots with little real use), it needs to sidestep its core blockers: ⛔️ Sluggish governance ⛔️ Unclear public value ⛔️ Legal ambiguity ⛔️ Weak integration with open ecosystems. Vietnam targets full integration by late 2025, expanding to local governments by 2026. Whether they avoid EBSI's bureaucratic quicksand depends on execution speed and practical value creation – that goes beyond regulatory checkbox-ticking.

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Exploring the Future of Finance: Insights from the Complete Guide to Stablecoins Paper Link: https://lnkd.in/gfRX2Rzt “Complete Guide to Stablecoins” by Quant Network. Frankly, I was impressed by how quickly stablecoins have transformed from a “convenient tool” into the foundation of a new financial infrastructure. What I found important: - Today, stablecoins account for over 60% of all crypto transactions (up from 35% two years ago). - Their strengths are instant #payments, programmable scenarios, and financial inclusion. - New regulations are being developed in the #UK and other countries, and this is a window of opportunity for mass adoption. - But there are also challenges: reserve management and regulatory consistency across jurisdictions. What's next? I believe that in the coming years, stablecoins will become the “invisible layer” of global finance. They will connect #crypto, #CBDCs, and traditional systems, enabling businesses and users to transfer #money across platforms. The question isn't whether they will replace existing mechanisms, but how quickly ecosystems can integrate them so that users won't even realize they're paying with a stablecoin. #stablecoins #futureoffinance #digitalassets #fintech #QuantNetwork

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I simplified yield-bearing stablecoins so you can understand how they work, how they differ from trad stablecoins, their yield mechanisms, where the yield comes from and more (+ Ondo Finance case study): By default, a stablecoin doesn’t inherently pay you interest just for holding it. The “yield” comes from what you do with the stablecoin (lending, staking, liquidity provision). This changes for yield-bearing stablecoins. Now we are going to see why. The current debate often frames traditional stablecoins and yield-bearing stablecoins as competitors. But they serve complementary purposes: - one designed for utility - the other for productivity Traditional stablecoins excel in liquidity, speed, and transactional efficiency, while yield-bearing ones prioritise capital efficiency and preservation through passive yield. Read more here below. - ❇️ Share it if you find it valuable, comment with your thoughts and follow to keep learning about stablecoins and the future of e-money.

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Stablecoins & the Re-Dollarisation Flywheel: America’s Quiet Soft-Power Play Dollar dominance may not spread via banks or Swift - it might ride on dollar-pegged tokens moving across #publicblockchains —————— The flywheel (how it compounds): ➖ Local currency stress → digital dollars: Households & SMEs in volatile FX markets adopt USD #stablecoins as a store of value and working capital. Today ~98% of stablecoins are USD-pegged, and >80% of transactions happen outside the U.S. ➖ #Liquidity concentrates on low-cost rails: Cross-border P2P, merchant OTC and fintech corridors standardise on public chains, pushing stablecoin #settlement to trillions annually; USDT+USDC hit ~$23T in 2024 alone ➖ Dollar network effects deepen: More users holding and paying in #tokenised USD → more merchants and platforms quote in USD stablecoins → more local finance denominates in dollars ➖ Treasury demand reinforces the loop: Issuers park reserves in T-bills; one study estimates ~$98.5B of T-bills held by Tether, lowering 1-month yields by ~24 bps versus a counterfactual - effectively subsidising USD liquidity globally. ➖ Policy tailwinds unlock scale: With the #GENIUSAct providing a federal framework, banks and corporates can launch compliant coins, expanding regulated distribution —————— Why this is soft power? 🔋 Tokenised dollars extend USD usage even where U.S. correspondent banking is thin 🔋 Stablecoin reserves in #Tbills can reduce U.S. funding costs while exporting dollar liquidity - soft power with hard numbers 🔋 Standards & supervision travel with the token. U.S. rules (KYC/BSA under the GENIUS Act) attach to USD stablecoins, projecting #compliance norms into foreign payment flows 🔋Platform leverage as fintechs, exchanges and merchants integrate USD stablecoins, pricing, invoicing, and treasury ops drift toward dollar rails locking in network effects —————— What to watch next: 🔭 Bank-issued coins (e.g., BoA, Citi) vs partnering with existing issuers 🔭 Corridors where stablecoin settlement outcompetes cards and remittance networks 🔭 Stablecoin float near $275B and rising - directionally supportive of the flywheel —————— 🗣️: Stablecoins aren’t just “crypto plumbing”. Whether we want it or not (or like it or not), they becoming a strategic distribution layer for the U.S. dollar, compounding usage, liquidity, and policy influence at the edges of the global financial system Watch my latest episode with Dante A. Disparte from Circle on Couchonomics with Arjun: https://lnkd.in/dDGqNjUD

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Aave is the biggest DeFi protocol. But now it’s stepping into TradFi to serve institutions. With Horizon, its newly launched lending platform, Aave is no longer just about crypto-native assets. Institutions can now borrow stablecoins like USDC, RLUSD, and Aave’s GHO using tokenized RWAs: • U.S. Treasuries • AAA-rated CLOs • Institutional yield funds This is permissioned borrowing for institutions (with KYC/AML). Matched with permissionless stablecoin liquidity for anyone, 24/7, powered by Aave V3. Collateral pricing? Handled in real time by Chainlink’s oracles—keeping systemic risk in check and enabling true institutional-grade transparency. The impact is clear: → In just 24 hours: $50M TVL, $5M borrowed, USDC pools 57% utilized. → The tokenized RWA market already exceeds $26–28B and is growing fast. → Horizon is the first major bridge turning traditional assets into productive DeFi capital. And the partners are serious: VanEck, WisdomTree, Hamilton Lane, Circle, Superstate, Centrifuge, Ethena, Ripple’s RLUSD. This isn’t an experiment—it’s institutional adoption in motion. And Aave’s move is deliberate. It gives institutions capital efficiency while letting DeFi users earn yield backed by high-grade collateral. And it builds the rails for a harmonized system where TradFi’s stability meets DeFi’s flexibility. This is the future of finance. Hybrid by design. DeFi won’t replace TradFi. And TradFi won’t erase DeFi. The real innovation is merging the two. P.S. Which side benefits more from this bridge—TradFi gaining liquidity or DeFi gaining legitimacy? Let me know your thoughts below. ♻️ Repost this to help others in your network. 📌 And follow Aram Mughalyan for more content like this

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