Tether, the world’s largest issuer of stablecoins, has unveiled a novel crypto payment solution for residents of the Philippines, enabling them to settle their contributions to the Social Security System (SSS) using USDT.
The SSS in the Philippines is a government-run social insurance program that covers workers across formal, informal, and private sectors, mandated by law to provide financial assistance during challenging times. Currently, it oversees two primary programs: social security and employee compensation.
Partnering with Web3 e-commerce and infrastructure firm Uquid, Tether has facilitated the integration of USDT payments onto The Open Network blockchain for SSS contributions. Uquid emphasized that this collaboration underscores how stablecoins like USDT and cryptocurrencies in general can streamline and enrich everyday transactions.
Uquid, a prominent decentralized commerce platform leveraging blockchain and decentralized finance, supports a broad spectrum of merchants and consumers globally, boasting a user base exceeding 260 million over the past eight years.
CEO Tran Hung of Uquid highlighted the Tether alliance as a significant step in their mission to bridge digital currencies with daily transactions, particularly in facilitating crypto micropayments. He emphasized that this new initiative, powered by Tether, establishes a new standard for convenience and accessibility in digital commerce.
The demand for stablecoins has surged in recent years, marking broader acceptance of cryptocurrencies. Initially serving as on-ramps for centralized exchanges, stablecoins have evolved into pivotal liquidity providers across both centralized and decentralized markets. Mainstream platforms like PayPal have introduced their native stablecoin, PayPal USD (PYUSD), while Ripple plans to launch its stablecoin in early 2025 to meet escalating demand. Institutional players are increasingly adopting stablecoins for cross-border transactions.
Cointelegraph attempted to reach Tether for comment but did not receive a response by the time of publication.