As part of our restructuring and rebranding of the Staking (Liquidity) Pool product line, we will begin offering a new format – more aligned with the market realities of 2026:
Unified Stablecoin Pools.
As previously reported, the market for stablecoins has expanded and accelerated significantly in recent years – driven by the continued success of market leader Tether (which has become one of the most profitable firms globally while operating with a very lean team), as well as by a mix of regulatory clarity (e.g. the U.S. GENIUS Act) and regulatory friction (most notably Europe’s MiCA framework).
With the accelerating proliferation and adoption of stablecoins – effectively every major fintech, bank, or crypto-native firm having issued, or actively exploring the issuance of, its own stablecoin as a way to further monetize cash reserves – it has become increasingly inadequate to maintain the previous “one pool per asset” setup.
As such, we are introducing multi-asset liquidity pools:
One pool, benefiting from swap activity across several economically equivalent stablecoin instruments.
In this case, it is appropriate to begin the rollout of our new multi-asset liquidity pools with “King Dollar”, as USD-denominated stablecoins continue to dwarf—both currently and for the foreseeable future – any other FX-pegged stablecoin segment.
The American dominance in the stablecoin market is real, and regulatory hurdles introduced in other jurisdictions have further strengthened the market lead of the USD as the stablecoin of choice for the global population.
As a starting point, the BitcoinVN USD liquidity pool will benefit from swap activity conducted via the following Tier-classified, USD-denominated stablecoins:
In addition, we plan to roll the existing DAI liquidity pool into the broader USD liquidity pool.
A separate announcement outlining this transition will follow.
If you are currently supplying DAI liquidity, there is no need to worry – your balance will be automatically converted into staked USD once the cutoff date is reached.
If, however, you specifically wish to continue staking DAI only and prefer not to have your staking returns combined with swap activity from other stablecoins, you may withdraw your liquidity at any time prior to the cutoff.
Beyond DAI, we intend to include additional Tier-1-classified USD stablecoins in the unified stablecoin pool over time.
Further details will be shared in upcoming announcements.
What is a Tier-1-classified stablecoin?
A Tier-1-classified stablecoin is an internal classification determined by the BitcoinVN risk management team.
The team continuously monitors market conditions and issuer-specific developments and may adjust risk assessments dynamically as new information becomes available.
Accordingly, BitcoinVN’s risk management team reserves the right to reclassify any stablecoin – whether currently included or added in the future to the USD unified liquidity pool – without prior notice, should market conditions or risk considerations warrant such action.
Furthermore, none of these internal classifications should be construed as an endorsement of any specific stablecoin or issuer, nor as investment advice.
Users remain responsible for conducting their own independent due diligence before taking any position or exposure to a particular stablecoin.
How about staking Tether (USDT)?
USDT is – and is likely to remain for the foreseeable future – the dominant stablecoin in Asia, effectively serving as the base USD settlement asset against which most stablecoin balances are ultimately referenced.
For this reason, we currently do not see a need to actively offer a dedicated USDT liquidity pool, whether as part of a combined structure or as a standalone pool.
While this assessment may change over time, there are currently no plans to introduce a USDT stablecoin liquidity pool within the BitcoinVN framework.
How about staking USDC?
As USDC has gained widespread adoption – and in some parts of the world (Europe) even relative dominance – we will, for the time being, continue to operate a dedicated USDC liquidity pool.
At present, there are no plans to fold the existing USDC liquidity pool into the combined USD liquidity pool.
That said, this position may be reassessed based on observed performance and market dynamics in the months ahead.
What about DePeg risk?
Under the previous setup, any deterioration in the price or backing of the underlying asset was fully borne by the liquidity provider.
With the new structure – where the stablecoin pool is explicitly pegged to an FX reference (USD) – the risk framework changes.
Under this model, BitcoinVN assumes responsibility for maintaining the peg. If USD liquidity reserves are allocated into a stablecoin that de-pegs or suffers a loss of backing, BitcoinVN is responsible for covering the resulting shortfall.
Should BitcoinVN fail in this duty – and should such a gap become too large to absorb (while unlikely given the limited pool sizes involved, this remains a theoretical risk that must be stated) – liquidity providers could be exposed as unsecured creditors.
As a consequence:
- High-risk stablecoins will not be included.
- Only Tier-1-classified stablecoins, as determined by our internal risk management desk, are eligible for inclusion.
While we may consider alternative products in the future should market demand justify it, the current framework is deliberately conservative and focused on minimizing issuer risk, counterparty risk, and de-peg risk.
Should I stake with BitcoinVN?
While we are reasonably confident in our ability to safeguard assets entrusted to us – and can point to a 13-year operational track record – there is no absolute guarantee that this record will continue. This risk must be taken into account.
We are actively targeted by professional threat actors such as the Lazarus Group. They only need to succeed once to cause severe damage, whereas we must succeed every single time.
If this statement makes you uncomfortable – good.
It should serve as a reminder of the inherent risks of storing private keys with any centralized service provider, whether BitcoinVN or any other platform in the space.
If the prospect of losing funds deposited with BitcoinVN – or any other service provider – would cause you to lose sleep, we strongly encourage you to reconsider and only take on risks you can comfortably afford.
As part of our internal risk management framework, we henceforth apply strict caps to the amounts accepted into our liquidity pools. We explicitly do not seek to hold more client deposits on our books than are necessary to ensure the swift and reliable operation of our instant swap services.
What are alternatives to keeping funds with BitcoinVN?
We will always encourage self-custody.
As part of this mission, our colleagues at BitcoinVN Shop provide the necessary tools to take full control of your assets – from hardware wallets by established manufacturers such as Trezor and Ledger, to robust, long-term seed phrase backup solutions such as dedicated steel plates.
This enables the use of cryptocurrency as originally intended:
You control the keys, you control the coins.
If you require assistance getting started, our team at BitcoinVN Consulting is available to support you. With years of hands-on cybersecurity experience “in the trenches” ( operating an exchange service places you on the front lines – our expertise has been earned through real-world operations, not consumption of second-hand content ), we help ensure that you begin your self-custody journey with a setup that is appropriate for your specific situation and your personal stage on the learning curve.
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