Tether introduces USDT payment option for social security contributions in the Philippines

92

2nd July 2024 – (Manila) Tether, the world’s largest stablecoin issuer, has unveiled a new crypto payment option for Philippine citizens, enabling them to pay their Social Security System (SSS) contributions using USDT. The SSS is a state-run social insurance program in the Philippines, catering to employees across various sectors.

Through a partnership with Web3 shopping and infrastructure firm Uquid, Tether has facilitated the use of USDT, a stablecoin on The Open Network blockchain, for SSS payments. Uquid, a decentralised commerce infrastructure platform, recognises this collaboration as a testament to the potential of stablecoins and cryptocurrencies in simplifying and enhancing everyday transactions.

Uquid, with over 260 million users, leverages decentralized finance and blockchain technology to offer crypto payment solutions across multiple markets. CEO Tran Hung expressed that the Tether partnership represents a significant milestone in bridging the gap between digital currencies and daily transactions, making crypto micropayments viable. The joint effort aims to set a new standard for convenience and accessibility in the realm of digital shopping.

Stablecoins have witnessed increased adoption in recent years, spearheading the broader acceptance of cryptocurrencies. Initially serving as an on-ramp tool for centralised exchanges, stablecoins have evolved into crucial liquidity providers in both centralised and decentralised markets. Major players like PayPal, with its native stablecoin PayPal USD (PYUSD), and Ripple, which plans to launch its stablecoin in early 2025, attest to the growing demand for stablecoins. Moreover, stablecoins are actively utilized for institutional cross-border payments.