Tether, the world’s largest stablecoin issuer, has implemented a new crypto payment option for Filipino citizens to let them pay their Social Security System (SSS) contributions in USDT.
The Social Security System in the Philippines is a state-run social insurance program that benefits employees in the informal, formal, and private sectors.
The Social Security System (SSS) is legally required to assist citizens during challenging periods. At present, it oversees two programs: employee compensation and social security.
USDT Payments for Government Insurance Programs
Tether has partnered with Web3 commerce and infrastructure firm Uquid to enable citizens of the Philippines to pay their SSS contributions in Tether on The Open Network blockchain.
Uquid stated that the collaboration with Tether underscores the potential of stablecoins such as USDT and “crypto in general” to facilitate and improve our daily lives.
Uquid is a prominent decentralized commerce infrastructure platform that provides crypto payment options by leveraging blockchain technology and decentralized finance.
Over the past eight years, the platform has established a user base of more than 260 million and supports merchants and consumers in various markets.
Tran Hung, CEO of Uquid, stated that the Tether partnership is a significant milestone in their endeavor to bridge the divide between digital currencies and daily transactions, making crypto micropayments applicable.
He further stated that the most recent initiative, which is financially supported by Tether, establishes a new standard for digital purchasing regarding accessibility and convenience.
Demand for Stablecoin Increases
Stablecoins have been the driving force behind the increased mainstream adoption of cryptocurrencies in recent years. Beginning as an on-ramp mechanism for centralized exchanges, stablecoins have evolved into the primary liquidity provider in both centralized and decentralized markets.
A mainstream payment platform, PayPal USD recently launched its native stablecoin. Ripple also announced its intention to introduce its stablecoin in early 2025 to capitalize on the increasing public demand. Institutions are also employing stablecoins to facilitate cross-border payments.
