Philippines Accepts Tether’s USDT for Social Security Payments
The world's largest stablecoin issuer, Tether, has introduced a new crypto payment option that allows Filipinos to pay their Social Security System (SSS) contributions in USDT.
In the Philippines, the Social Security System is a government-run social security program that serves workers in the formal, informal, and private sectors.
SSS is established by law and its purpose is to provide citizens in difficult times. It currently administers two programs: Social Security and Workers' Compensation.
Tether allows USDT payments for the government insurance program
Tether has partnered with Web 3 marketing and infrastructure firm Uquid to allow Filipino citizens to pay SSS contributions in Tether (USDT) on the Open Network blockchain. Uquid said its partnership with Tether shows how USDT and “crypto in general can simplify and enhance our daily lives.”
Uquid is a leading decentralized trading infrastructure platform that provides decentralized finance and blockchain technology crypto payment options. The platform supports merchants and customers across multiple markets and has built a user base of over 260 million users over the past eight years.
Related: It's ‘clear' the US government is going after Tether – Ripple CEO
Uquid CEO Tran Hung said the Tether partnership is a milestone in their journey to bridge the gap between digital currencies and everyday transactions, implementing crypto micropayments. The new initiative supported by Tether will set a new benchmark for convenience and accessibility in digital marketing, he added.
Stablecoin demand is increasing.
Cryptocurrencies have gained more mainstream acceptance over the past few years, with stablecoin leading the way. Stablecoins started as a stepping stone to exchanges on centralized exchanges, but have grown to become a key liquidity provider in 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 capture growing demand. Stablecoins are also actively used at the institutional level for cross-border payments.
Cointelegraph reached out to Tether for comment but did not receive a response by press time.
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