Tether, the world’s largest stablecoin issuer, has launched a new cryptocurrency payment option for Filipino citizens, allowing them to pay their Social Security System (SSS) contributions in USDT.
The Philippines’ Social Security System is a state-run social insurance program that provides services to employees in the formal, informal, and private sectors.
The SSS is mandated by law and aims to support citizens in difficult times. It currently administers two programs: the Social Security Program and the Employee Compensation Program.
Tether Accepts USDT Payments for Government Insurance Programs
Tether has partnered with Uquid, a Web3 shopping and infrastructure company, to enable Filipino citizens to pay their SSS contributions in Tether (USDT) on The Open Network blockchain. Uquid said its partnership with Tether highlights how stablecoins, like USDT and cryptocurrencies in general, can simplify and improve our daily lives.
Uquid is a leading decentralized commerce infrastructure platform that leverages decentralized finance and blockchain technology to provide cryptocurrency payment options. The platform supports merchants and customers across a variety of markets and has built a user base of over 260 million over the past eight years.
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Uquid CEO Tran Hung said the Tether partnership marks an important milestone in the journey to bridge the gap between digital currencies and everyday transactions and make cryptocurrency micropayments applicable. He added that the latest initiative supported by Tether sets a new standard for convenience and accessibility in digital shopping.
Increasing demand for stablecoins
Cryptocurrencies have been gaining mainstream adoption over the past few years, and stablecoins are leading the way. Stablecoins started out as an on-ramp tool for centralized exchanges, but have grown into major liquidity providers in both centralized and decentralized markets.
Mainstream payment platform PayPal has launched its own stablecoin, PayPal USD (PYUSD), and Ripple has also announced plans to launch its own stablecoin in early 2025 to capture growing demand. Stablecoins are also being actively used for cross-border payments at the institutional level.
Cointelegraph reached out to Tether for comment but did not receive a response by press time.
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