Tether, the largest issuer of stablecoins in the world, has unveiled a new cryptocurrency payment option for Philippine citizens. This option allows them to make their Social Security System (SSS) contributions using USDT.
The SSS is a government-run social insurance program in the Philippines that caters to employees in both the formal and informal sectors. It is mandated by law and aims to provide support to citizens during challenging times. The SSS currently oversees two programs: social security and employee compensation.
To enable this new payment option, Tether has partnered with Uquid, a leading decentralized commerce infrastructure platform that utilizes blockchain technology and decentralized finance. Together, they will allow Philippine citizens to make their SSS contributions using USDT on The Open Network blockchain. Uquid believes that this partnership showcases how stablecoins like USDT and cryptocurrencies, in general, can simplify and enhance daily transactions.
Tran Hung, the CEO of Uquid, views this partnership with Tether as a significant milestone in their mission to bridge the gap between digital currencies and everyday transactions. He believes that this initiative, supported by Tether, sets a new standard for convenience and accessibility in digital shopping, making crypto micropayments a reality.
Stablecoins have gained significant traction in recent years, with more mainstream adoption of cryptocurrencies. They initially served as a tool for centralized exchanges but have now become a crucial liquidity provider in both centralized and decentralized markets. Major 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 the growing demand. Stablecoins are also being actively utilized for cross-border payments at an institutional level.
Cointelegraph reached out to Tether for comment but did not receive a response by the time of publication.