Buying Seafood with USDT in Vietnam: Has Web3 Truly Achieved Mass Adoption?
In Vietnam, a country consistently ranked among the top in global cryptocurrency adoption, the author explores whether Web3 and crypto payments have achieved mass adoption beyond reports and whitepapers. During a two-week trip, the author avoided formal industry events and instead tested crypto payments in everyday scenarios like spas, street food stalls, and taxi rides.
Key observations include:
- Many local merchants prefer cash over international cards due to high fees and tax avoidance, creating an opening for stablecoins like USDT.
- Using Bitget Wallet, the author successfully paid via VietQR—Vietnam’s ubiquitous payment QR system—at many locations, with transactions feeling nearly as seamless as Alipay.
- However, a failed payment at a seafood restaurant revealed compatibility issues between crypto wallets and older, non-standard QR systems, highlighting remaining technical barriers.
- Public perception of crypto remains mixed: in northern cities like Hanoi, it is often associated with crime and gambling, while southern hubs like Ho Chi Minh City show more enthusiasm, with young people trading or developing crypto projects in cafes.
- Despite low visible crypto infrastructure (e.g., few Bitcoin ATMs), underlying adoption is significant, driven by a young, tech-savvy population eager for financial mobility.
The author concludes that Vietnam’s combination of demographic youth, high mobile internet use, and informal financial vitality makes it a fertile ground for Web3 growth, though real-world usability and cultural acceptance vary widely. The journey continues into southern Vietnam for deeper exploration.
深潮12/22 08:50
