USDT/VND This Month: From Reserve Assets to Intermediary Tools

In the previous period, USDT/VND once reached 28,000, which was the common figure for most crypto market investors at that time. People not only held but also continuously bought in, hoping the price would keep rising. However, this month, the picture has completely changed. The USDT/VND price has dropped 6-7%, currently around the 26.2xx range, while the crypto market remains stagnant with no signs of recovery. Behind this adjustment is a chain of interconnected factors, from capital flows, supply and demand, to market psychology.

Continuous Capital Outflows from the Crypto Market

The primary cause stems from a shift in capital flow. Investment funds are no longer staying in digital assets or stablecoins but are moving to other channels. Many investors are selling off USDT not because they doubt its value, but because they need VND to hold cash, prepare for year-end expenses, or reallocate their portfolios. When USDT is converted into fiat currency in large volumes, automatic selling pressure impacts the price, making an adjustment inevitable.

Surge in USDT Supply on P2P Platforms

Another clear sign is the change in supply and demand structure on the P2P market. Recent traders can easily notice that the number of sellers far exceeds the number of buyers. Although panic has not yet set in, the selling side clearly dominates both in quantity and listed prices. This situation reflects the reality that investors are no longer accumulating USDT as before.

Changing Role of USDT in the Portfolio

At the 28,000 level, USDT served as a defensive asset, a temporary store of value during market fluctuations. However, now it is viewed purely as an intermediary tool — investors buy in and immediately sell out, with no one wanting to hold long-term. When an asset is no longer widely held, its psychological and market value automatically declines. This explains why USDT is no longer the “king” it once was.

Fed Policies and Investor Sentiment

An external factor not to be overlooked is the shift in expectations of the regional Fed banks. Signals about potential interest rate cuts in the near future are affecting global portfolio strategies. Meanwhile, the unstable geopolitical situation worldwide also drives investors to seek traditional safe-haven assets like gold and silver instead of stablecoins. Investors holding at high prices are also starting to cut losses, anticipating further price declines in the coming weeks.

Overall Picture

In summary, the adjustment of USDT/VND is not due to weak stablecoins but results from macroeconomic forces and market psychology. Capital is flowing out of crypto to precious metals, VND demand increases toward the end of the year, the crypto market is in a state of discouragement with investors on the sidelines, coupled with losses from high positions — all these factors create a “snowstorm” of selling pressure. When USDT/VND will recover remains an open question, but it’s clear that the market is undergoing a profound structural correction.