The European OG of hardware wallets, Trezor, has reclaimed a market share of over 20% in the second quarter of 2025.
This renewed momentum comes despite no new product launches since the introduction of the Trezor Safe 3 and Trezor Safe 5, both of which entered the Vietnamese market in 2024. Still, the Czech manufacturer has resumed the uptrend observed at the end of last year.
According to BitcoinVN Research, two key factors may have contributed to this rise:
- The recent announcement from Ledger that it will discontinue the popular Ledger Nano S has left a gap in the market. As of now, Ledger’s newer models – the Ledger Flex and Ledger Stax – are not yet officially available in Vietnam.
- Limited availability of competing products. With Ledger’s newer models – the E Ink-based Ledger Flex and Ledger Stax – not yet officially available in Vietnam, customers may be opting for the tried-and-tested Trezor Safe 3 and Safe 5 instead. Both Trezor models feature modern color OLED displays (with touchscreen functionality on the Safe 5) offering a more user-friendly experience and improved ability to verify transaction details – helping users avoid blind signing issues common with smaller or less intuitive interfaces.
Once the Ledger Flex and Stax models are officially launched in Vietnam, it is likely that Ledger will recover some of its lost market share. Until then, Trezor remains well-positioned to benefit from the current gap in availability of modern, high-end hardware wallets.
Tron Network trend in Asia
Another factor contributing to the shift may be the declining usage of USDT on the Tron network across Asia – a trend our colleagues at BitcoinVN News and BitcoinVN Research will be covering in more detail soon.
While Tron remains, for now, the dominant network for USDT transfers – thanks largely to its deep adoption even at small corner shops across the “Global South” – our team at the BitcoinVN OTC desk has observed a notable shift back toward the Ethereum network. With Ethereum now offering significantly lower fees, it is increasingly becoming – once again – the preferred choice for USDT transfers.
This trend is further reinforced by the fact that USDC (Circle) – the primary competitor to USDT – does not support Tron at all, with the vast majority of USDC issuance and usage anchored on Ethereum.
Why does this matter?
Because Trezor still does not support assets on the Tron network – and there are no signs that this will change anytime soon.
Until recently, this was a major limitation. Users in Vietnam (and across Asia) who relied on USDT on Tron had little choice but to use a Ledger device as their “daily driver” multicoin wallet – simply because Trezor couldn’t support the dominant USDT transfer network.
But as Tron’s relevance continues to fade month by month, Ledger is losing a key advantage that previously set it apart from its main competitor out of Prague.
Bitcoin Only wallets remain niche
As in previous quarters, Bitcoin-only hardware wallets from manufacturers like Coinkite and Blockstream continue to serve a niche but highly discerning audience – users focused on hardening their setup for intergenerational wealth preservation.
While devices like the Blockstream Jade or Coinkite Coldcard may not be ideal as a “daily driver” for users frequently interacting with stablecoins, they shine in areas where long-term Bitcoin security is paramount.
Notably, the Blockstream Jade does support USDT on the Liquid Network, offering one of the few privacy-respecting options available today for stablecoin transfers. Still, for most multi-asset users, these devices are best used alongside more general-purpose wallets like Trezor or Ledger – for example, in a multivendor multisig setup that significantly increases resilience and reduces single points of failure.
If you’re looking to take your self-custody setup to the next level, our CyberSec Consulting team at BitcoinVN is available for 1-on-1 private sessions, and is currently preparing regular public events focused on self-custody digital security hygiene – to help prepare our readers and followers for a future where most wealth is digital and threat environments evolve rapidly.
Stay in touch
We’ll continue to monitor the situation and keep our readers informed about any new product updates.
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