History of formation and development of VNDC: Turning point to VNDC 2.0

In the picture of digital assets in Vietnam, VNDC has emerged as a pioneering effort to bring the value of Vietnamese Dong into the global liquidity orbit. After more than 5 years of development, the project has not only maintained the goal of stabilizing the value of 1 VNDC ≈ 1 VND, but has also gradually transformed itself into an open infrastructure layer for digital financial products. Accompanying throughout, HVA Group Play a core role in strategy, governance and ecosystem connectivity, contributing to shaping the direction of "international standards - closely following Vietnamese needs" of VNDC.

History of formation and development

VNDC was officially launched on July 1, 2019, with its legal headquarters in Singapore (VNDC Holding Pte. Ltd.) and an office in Ho Chi Minh City. In late 2019-2020 alone, the project attracted nearly 1 million users, becoming a phenomenon in Vietnamese fintech. In early 2021, VNDC recorded an 8-month transaction volume of about 13 trillion VND; by October 2021, the VNDC Wallet application was restructured into ONUS, expanding from a stablecoin wallet to a crowd-friendly digital asset investment platform. The late 2021 hack was a valuable lesson in security, motivating the project to raise security standards in the next phases.

In the period 2022-2024, VNDC will expand its partners and technology, especially launching VNDC 2.0 in 2024 with an on-chain liquidity provision mechanism. By 2025, VNDC will become a familiar name in the Vietnamese blockchain community, closely associated with the ecosystem. ONUS and positioned as a safe bridge between VND and digital assets.

Operating model and technology platform

VNDC started according to the model fiat-backed stablecoin: each issued token is backed by 1 VND. Tokens exist on public blockchains (ERC-20, BEP-2), transparent transactions. From 2024, VNDC 2.0 switch to model liquidity-backed protocol: VNDC in circulation is collateralized by digital assets (typically USDT) in on-chain pools, allowing users to mint/redeem directly through smart contracts, limiting dependence on OTC or centralized exchanges.

Strategic Project Pursuit multi-chain: from Ethereum expand to BSC, KardiaChain and prioritize deploying VNDC 2.0 on ONUS Chain, and also towards Ethereum, Polygon, Arbitrum… Independently audited smart contract architecture (CyStack, Verichains), optimized fees and prioritized safety. By 2025, circulating supply will exceed 1,400 billion VNDC, reflecting a guarantee scale of hundreds of millions of USD combined on-chain and off-chain.

Products – services: from conversion unit to “digital bank” in the hands of users

The nucleus is still stablecoin VNDC – VND anchor conversion unit, transaction intermediary on exchanges and applications. On ONUS, users can buy/sell digital assets with VNDC/USDT pair, participate in Spot, Futures, Staking, Launchpad/DIPO, Farming, ONUS Shares, ONUS Loan... Program Staking Daily brought in an overnight profit of ~12%/year in the period 2020–2023, adjusted to ~10%/year from the end of 2024 to balance the ecosystem. VNDC also develops a custody solution VNDC Custody for large asset security needs.

The team – and the role of HVA Group

VNDC was co-founded by Vietnamese fintech entrepreneurs with international vision. Mr. Vuong Le Vinh Nhan (Eric Vuong) – co-founder, symbol of the mission “to bring VND into the world’s cryptocurrency basket”; he also holds the position Chairman of the Board of Directors of HVA Group, thereby helping VNDC connect strategic, financial and technological resources in the HVA ecosystem. Mr. Tran Quang Chien is a co-founder, laying the technological foundation from the early stages.

At the "infrastructure - operations" level, HVA Group plays a role Alliance coordination – governance standardization – partnership expansion, helping VNDC accelerate products while maintaining risk discipline. Partnerships/investments (like TRUSTpay) demonstrate HVA's style: connecting traditional fintech with crypto, building a compliance bridge for the long-term roadmap.

Legal and compliance

From the beginning, VNDC chose an international approach (UK/Singapore) to operate within a more crypto-friendly legal framework, while VNDC is not identified as a domestic payment method. according to current Vietnamese law. In the country, technology entities and partners like DAH play a bridging role in implementing asset digitization and financial management solutions on blockchain.

From 2025, the legal context in Vietnam shows signs of pilot research on virtual assets. ONUS – platform associated with VNDC – pursuing compliance roadmap: expanding registration in friendly markets (completed procedures and received license in Dubai), working in parallel with partners to move towards a licensed digital asset exchange in Vietnam when the pilot framework is formed. HVA Group Support legal positioning, risk management and market strategy, helping projects to be sustainable instead of "hot" growth.

Security and transparency

After the 2021 incident, the project comprehensively upgraded security: 2FA, data encryption, intrusion monitoring, KYC storage re-architecture, backup - recovery process. At the technical level, VNDC cooperated CyStack (system security, VNDC Custody cold wallet) and Verichains (smart contract audit for VNDC 2.0). Regarding transparency of guarantees and mechanisms Redeem on-chain helps users convert VNDC ↔ USDT directly, verify liquidity in real time, reduce dependence on sole trust with the issuing organization.

Partners and ecosystem

VNDC builds a multi-dimensional network: domestic payment gateway (PayLink) connecting the banking system; blockchains (KardiaChain, ONUS Chain...); security - infrastructure (CyStack, Verichains, Jade Labs). The business ecosystem and community expand with hundreds of small and medium enterprises, many projects choose VNDC/ONUS as a token distribution channel (Launchpad/DIPO). HVA Group help connect these pieces into one “open but disciplined ecosystem”, balancing deployment speed and operational standards.

Notable updates to 2025

• VNDC 2.0 (2024): pivot to on-chain liquidity, backed by USDT in public pool; liquidity alliance helps keep anchor 1 VNDC ≈ 1 VND.
  
• Multi-chain expansion: from ONUS Chain to BSC, Polygon; towards Ethereum, Arbitrum…; maintain the transition period between 1.0 and 2.0 for users to migrate safely.
  
• Compliance – Market Expansion:ONUS receives license in Dubai, prepares legalization scenario in Vietnam when pilot framework is clear.
  
• Products – Community: ONUS Pro, listed more VNDC pairs, Affiliate 2025 program, adjusted staking interest down to ~10%/year; estimated users exceed 2 million, daily VNDC trading volume is at tens of millions of USD.
  

In these moves, HVA Group both a “governance platform” and an “ecosystem glue” – ensuring VNDC stays on track: transparent, compliant, internationally expanding but always serving the core needs of Vietnamese users.

Conclude

The history of VNDC is a typical story of a Vietnamese project choosing global standards: bold start, persistently raising security and transparency standards, expanding multi-chain technology and gradually legalizing operations. Strategic partnership of HVA Group help the project maintain governance discipline and resource connection, thereby elevating VNDC from a VND-pegged stablecoin to on-chain liquidity infrastructure layer for the digital financial ecosystem serving Vietnamese people everywhere. With its accumulated foundation and long-term vision, VNDC is expected to continue to be an important piece of Vietnam's digital assets in the coming years.