Philippines Adopts USDT for Payments
01 Jul, 2024 ● Crypto News
The world’s largest stablecoin issuer, Tether, has launched a new cryptocurrency payment option for citizens of the Philippines, enabling them to pay their Social Security System (SSS) contributions in USDT.
In the Philippines, the Social Security System is a state-run social insurance program catering to employees in the official, informal, and private sectors.
The SSS is mandated by law to support citizens during difficult times and currently manages two programs: social security and employee compensation.
Tether has teamed up with Web3 shopping and infrastructure firm Uquid to allow Philippine citizens to pay their SSS contributions in Tether on The Open Network blockchain.
Uquid stated that this partnership with Tether demonstrates how stablecoins like USDT and "crypto in general can simplify and enhance our daily lives."
Uquid is a leading decentralized commerce infrastructure platform that leverages decentralized finance and blockchain technology to offer cryptocurrency payment options.
The platform supports merchants and customers across various markets and has built a user base of over 260 million over the past eight years.
Uquid CEO Tran Hung remarked that the partnership with Tether is a significant milestone in their efforts to bridge the gap between digital currencies and everyday transactions, making crypto micropayments practical.
He added that this latest initiative, supported by Tether, sets a new standard for convenience and accessibility in digital shopping.
Cryptocurrencies have seen increased mainstream adoption in recent years, with stablecoins at the forefront.
Initially, stablecoins served as an on-ramp tool for centralized exchanges but have evolved to become key liquidity providers in both centralized and decentralized markets.
Mainstream payment platform PayPal has introduced its native stablecoin, PayPal USD (PYUSD), and Ripple has announced plans to launch its own stablecoin in early 2025 to meet growing demand.
Stablecoins are also being actively used for cross-border payments at an institutional level.
Sources:
https://cointelegraph.com/news/tether-usdt-social-security-payments-philippines
