🔥 BREAKING!

According to reports from PA News, ChainCatcher, and Foresight News, the ASEAN stablecoin project USDA, initiated by the Lao National Digital Technology Group (LADT) and its subsidiary NewPay, has completed a $3 million angel round financing led by HashKey Capital. The round also included participation from Web3Labs and prominent strategic investors from across ASEAN countries. The funds will be used to further the compliance and internationalization of USDA.

LADT: Pioneering Laos’ National Digital Transformation

LADT operates under the leadership of the Lao central government and the guidance of the Ministry of Technology and the Central Bank of Laos (Bank of the Lao P.D.R.). It is a trailblazer and innovator driving the country’s national digital transformation. Comprising a founding team from various countries, LADT focuses on building digital infrastructure and enabling the blockchain applications across Laos and the broader ASEAN region.

In July 2024, LADT signed a strategic cooperation Memorandum of Understanding (MOU) with HashKey Capital in Hong Kong, witnessed by the Chief Executive of the Hong Kong SAR, John Lee Ka-chiu, and the then Lao Deputy Prime Minister and Minister of Foreign Affairs, Saleumxay Kommasith. On the same day, LADT also signed a strategic investment agreement with Hong Kong’s Goldford Group.

USDA: A Compliant ASEAN Stablecoin for Everyday Use

ASEAN USD, abbreviated as USDA and known as the “ASEAN Stablecoin,” is set to become one of the first fully reserved crypto stablecoins licensed for issuance by ASEAN sovereign nations. Initially launched in Laos, USDA is expected to expand to other ASEAN countries and regions in the foreseeable future.

Once officially issued, USDA will go beyond typical on-chain functions. It will integrate deeply into various payment applications across ASEAN countries, facilitating day-to-day consumer spending, payments, transfers, and withdrawals for individuals and merchants alike. This will mark a significant step toward bringing stablecoins into everyday life.

NewPay+: Accelerating ASEAN Payment Integration

The rapid adoption of digital payments in Laos is emblematic of ASEAN nations’ broader push toward digital development. With over 600 million people, a high proportion of youth, and growing internet and smartphone penetration, the ASEAN region provides a solid foundation for digital payment adoption. The growth of Web3 users in the region is also accelerating rapidly.

NewPay+, LADT’s Web3-compliant payment platform, is an evolution of Laos’ national third-party payment tool, NewPay. Using USDA as its underlying settlement currency, NewPay+ will support hybrid payments of fiat and stablecoins and enable compliant fund inflows and outflows. As ASEAN governments continue to enhance digital payment infrastructure, NewPay+ will provide standardized interfaces for seamless integration with various payment tools across countries, contributing to the development of the “ASEAN Digital Integration Framework.”

Laos is the first stop in LADT’s efforts to deploy a compliant Web2 + Web3 hybrid payment platform. National-level collaborations are already underway in Cambodia, Brunei, and Vietnam.

RetoLabs: Redefining the Telegram Ecosystem

Following the angel round financing, LADT announced the official launch of its first TON blockchain wallet application, NewPay+ TON, along with the RetoLabs multifunctional mini-app on Telegram.

RetoLabs, a key application supporting NewPay+, integrates eight service modules: gaming, video streaming, social networking, short videos, food delivery, ticketing, AI, and novel reading. Users of NewPay+ TON can earn ecosystem tokens by interacting with RetoLabs, which can be used for on-chain top-ups, spending, and asset management. With LADT’s backing, users will also enjoy globally compliant fund inflow and outflow services in the future.

RetoLabs represents LADT’s proactive effort to leverage public chain traffic from instant messaging platforms, akin to the merger of LINE and Korea’s Klaytn mainnet. By combining Telegram’s massive user base and efficient communication mechanism with high-performance and scalable blockchain capabilities, RetoLabs aims to create functional mini-apps that cater to real user needs. It will serve as a bridge for Web2 users transitioning into Web3, unlocking innovation and opportunities for the entire industry.

Future Plans and Significance

LADT plans to gradually release additional products around the USDA ecosystem, including payment platforms, clearing systems, and public chains.

The successful completion of USDA’s angel round financing marks a milestone in LADT’s efforts to advance digital finance in the ASEAN region. HashKey Capital’s lead investment provides significant momentum for LADT to build the region’s leading digital financial infrastructure. This achievement highlights LADT’s innovation and strategic vision while underscoring HashKey’s confidence in the growth potential of emerging markets in ASEAN.

The launch of RetoLabs and NewPay+ TON marks LADT’s first step toward practical application scenarios, showcasing its commitment to driving innovation through technology and building a decentralized application ecosystem. In the future, LADT will continue to promote innovative blockchain applications, delivering superior digital service experiences to its users.