Tether, the world’s largest issuer of stablecoins, has unveiled a new cryptocurrency payment option for citizens of the Philippines. This new feature allows individuals to pay their Social Security System (SSS) contributions using Tether (USDT). The SSS is a state-run social insurance program in the Philippines that caters to employees in various sectors, including the official, informal, and private sectors. Its purpose is to provide support to citizens during difficult times, and it currently oversees two programs: social security and employee compensation.
Tether has collaborated with Uquid, a leading decentralized commerce infrastructure platform, to enable USDT payments for the SSS. This partnership signifies the potential of stablecoins like USDT and cryptocurrencies in general to simplify and enhance everyday life. Uquid, which leverages decentralized finance and blockchain technology, supports merchants and customers across multiple markets and has amassed a user base of over 260 million in the past eight years.
Tran Hung, CEO of Uquid, views the partnership with Tether as a significant milestone in their quest to bridge the gap between digital currencies and daily transactions, particularly in facilitating crypto micropayments. He believes that this new initiative, supported by Tether, establishes a new standard for convenience and accessibility in digital shopping.
Stablecoins have experienced increasing demand in recent years, as cryptocurrencies have gained broader acceptance. Initially serving as a gateway for centralized exchanges, stablecoins have evolved into vital liquidity providers in both centralized and decentralized markets. Mainstream payment platform PayPal has launched its own stablecoin, PayPal USD (PYUSD), while Ripple has announced plans to introduce its stablecoin in early 2025 to meet the growing demand. Stablecoins are also being actively utilized for institutional cross-border payments.
Cointelegraph reached out to Tether for comments but did not receive a response at the time of publication.
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