HSC Conference Ho Chi Minh: Stablecoins Won The Payments War—Here Is What The Industry Must Solve Next
On August 15, the HSC Conference returned to Ho Chi Minh City, gathering senior voices from monetary establishments, expertise companies, and enterprise capital to debate blockchain infrastructure, digital property, and the way forward for on-chain monetary markets.
Among the occasion’s most anticipated periods was “Stablecoins Won the Payments War. What Comes Next?,” moderated by Berken Menges, Chief Marketing Officer at CoinTracking, that includes Carney Mak, Partner at FXHB Asset Management; Nathanael Christian, Co-founder and Chief Executive Officer at IDRX; Harry Bui, Analyst at The Spartan Group; and Kevin Lee, Chief Strategy Officer at BingX.
Rather than treating stablecoins’ dominance as a settled conclusion, the panelists dissected the following frontier of financial infrastructure—inspecting the place stablecoins have displaced legacy fee rails versus the place they continue to be primarily a settlement layer, why rising markets comparable to Indonesia and Vietnam are advancing local-currency alternate options to mitigate dollarization and capital-flight dangers, and what it’ll take for stablecoins to evolve from speculative devices into absolutely bankable property built-in into on a regular basis monetary life.
The Payment War: What Was Actually Won?
As the session opened, the moderator pressed the audio system to outline the phrases of victory itself, asking what the thesis really meant in follow. The change that adopted revealed a nuanced consensus.
While stablecoins haven’t displaced environment friendly home retail rails—Nathanael pointed to Indonesia’s QRIS and e-wallet programs as superior for native commerce—the panel agreed they’ve secured a extra strategic foothold as a worldwide settlement layer. “I agree stablecoin received, however not like in the way in which individuals suppose we’re utilizing daily,” Harry famous. “It’s a couple of settlement layer. That is most essential right here.” Kevin added that though the infrastructure to maneuver cash immediately, 24/7, is now confirmed, the complete “scheme of issues”—from day by day deposits to insurance coverage and property funds—stays unrealized.
Transparency, Regulation, and Market Resilience
Having established the place stablecoins at the moment stand, the panel turned to what may erode or cement that place: belief. Carney provided a candid protection of regulators, stating it’s “actually exhausting for regulators” to maintain tempo with an ever-mutating panorama that spans algorithmic, fiat-backed, yield-bearing, and public-backed stablecoins. She argued that true transparency requires understanding not merely whether or not reserves are audited, however how issuers generate yield and handle counterparty threat. Harry addressed latest de-pegging incidents involving USDE and Team Finance, framing them as painful however vital classes in leverage and oracle threat. “Market does actually study it. They be taught from the error,” he mentioned, describing the method as a “pure transition of issues once they attempt, they fail, they usually attempt once more.”
National Currencies Versus Dollar Dominance
Beneath the technical dialogue of reserves and regulation lay a deeper geopolitical pressure. A central divide emerged between dollar-pegged stablecoins and native financial sovereignty. Nathanael outlined Indonesia’s push for a Rupiah-backed stablecoin to facilitate cross-border commerce with out changing by the US greenback or counting on SWIFT. Harry, in the meantime, detailed Vietnam’s forthcoming 2026 framework, which is able to deal with crypto as a taxable asset and tie international change operations to the Vietnamese dong—a requirement that complicates entry for world platforms. Carney crystallized the stakes: “Stablecoin is world, everyone knows, however foreign money and regulatory frameworks are native.” For many countries, the precedence will not be fostering innovation per se, however stopping capital flight and defending international reserves.
The Road Ahead
With current tensions mapped, the panelists turned to the horizon. They envisioned a future by which stablecoins fade into the background of finance. Kevin predicted that inside two years, the expertise can be so embedded in Apple Pay and Google Pay that buyers would now not distinguish between crypto and fiat on the level of sale. Harry imagined on-chain credit score traces bridging DeFi and conventional banking, whereas Carney urged the trade to make stablecoins absolutely “bankable”—acknowledged as formal property that may collateralize property, autos, and day by day funds. Nathanael concluded that Southeast Asia’s main fintechs will quickly run on blockchain rails, even when customers by no means know they’re touching stablecoins.
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