The Social Security System (SSS) in the Philippines, a state-run social insurance program serving employees across official, informal, and private sectors, now allows contributions to be paid using Tether’s USDT stablecoin.
Tether, the world’s largest stablecoin issuer, has introduced this new payment option in partnership with Web3 shopping and infrastructure firm Uquid. This collaboration enables Filipinos to use USDT on The Open Network blockchain for their SSS contributions. Uquid highlights that this move demonstrates how stablecoins like USDT can simplify and enhance everyday transactions.
Uquid, a decentralized commerce platform leveraging blockchain technology, supports merchants and customers across various markets, boasting a user base of over 260 million over the past eight years. Uquid CEO Tran Hung stated that the partnership with Tether marks a significant milestone in making crypto micropayments practical and sets a new benchmark for convenience in digital shopping.
The SSS, mandated by law, aims to support citizens during tough times and administers two main programs: social security and employee compensation.
Rising Demand for Stablecoins
Cryptocurrencies, particularly stablecoins, have seen increased mainstream adoption in recent years. Initially used as an on-ramp tool for centralized exchanges, stablecoins have now become key liquidity providers in both centralized and decentralized markets.
Mainstream platforms like PayPal have launched their own stablecoins, such as PayPal USD, and Ripple plans to release its stablecoin in early 2025 to meet growing demand. Additionally, stablecoins are being actively used for cross-border payments at the institutional level.
Featured image from: cointelegraph.com