Stablecoins Replace Banks? Vietnam Is Already There

A week ago, I published an article about who will unseat Bitcoin from the top spot. Among other things, I argued that in the foreseeable future, stablecoins could replace banks for everyday users.

It turns out that in Vietnam, that future has already arrived.

Wello has launched a platform that lets people pay for everyday purchases not just with stablecoins, but directly from a non-custodial wallet. You scan a QR code at the store, sign the transaction, stablecoins leave your wallet, and the merchant receives local currency.

That is far more elegant than most similar payment solutions, including crypto cards. There is no need to preload your funds onto a separate platform. You spend straight from your own wallet, under your own control.

So why move money back from the crypto ecosystem into the banking system, where funds can be frozen at any moment because banks are required to treat every client as a potential money launderer?

For now, the solution is limited to a single country and works through one specific wallet - Trust Wallet. But I am confident this is just the first step. More will follow.

Any cryptocurrency can be exchanged for stablecoins on rabbit.io with no unnecessary bureaucracy and at the best rates. You can receive stablecoins directly into the wallet of your choice - and then spend them however you see fit.

Sounds like great news, doesn't it?

The only drawback is that this still does not replace physical cash, which can be useful when there is no internet connection.