Binance supports Vietnamese Dong backed stablecoin, BVND

Binance has announced support for Binance Vietnamese Dong [BVND], a BEP2 stablecoin pegged to the Vietnamese Dong [VND]. BVND will be available for direct purchase and redemption at a 1BVND = 1 VND rate. The announcement added:

“Binance will list Binance VND (BVND) and open trading for BUSD/BVND and USDT/BVND trading pairs at 2020/12/18 12:00 PM (UTC).”

BVND will be available for purchase from 21 December at 10:00 AM [UTC] for verified Vietnamese users.

The addition of BVND marks the entry of a 19th fiat stablecoin in the exchange’s list. Some others include Australian Dollar [AUD], Euro [EUR], Kenya Shilling [KES], etc. The exchange has recently suspended deposits for IDR [Indonesian Rupiah] and ZAR [South African Rand] due to some maintenance issues.

Binance had held its second Binance Blockchain Week in Ho Chi Minh City, Vietnam, from February 29 to March 4, 2020. Recently it also added the Vietnamese Dong for P2P trading. The CEO and founder of Binance had noted:

“Vietnam has enormous economic growth potential, a vibrant entrepreneurship landscape, and wide cryptocurrency acceptance, making it the next global blockchain hub. We look forward to expanding our services for the local community and supporting the growth of the Vietnamese blockchain ecosystem.”

There has been growing interest in the Vietnamese market and not only for Binance. Before Binance’s listing, Cryptocurrency exchange VNDC also launched a Vietnamese Dong-pegged stablecoin, 100% backed by collateral held by Hong Kong-based regulated trustee First Digital Trust. The exchange had noted that its stablecoin was designed to boost international transactions with Vietnam by providing a compliant remittance solution built on Ethereum.