Philippine adopts USDT for social security payments

Now Philippine citizens can pay their Social Security System contributions in USDT with the help of a new cryptocurrency payment option offered by Tether, the largest stablecoin issuer in the world. The Social Security System is a state-run social insurance program that benefits the Philippines’ private, public, and official employees.

The main goal of this Social Security System is to support residents during difficult times. At the moment, it oversees employee compensation and social security. Tether has teamed up with Web3 commerce and infrastructure company Uquid to enable Philippine residents to use Tether on The Open Network blockchain to pay for their SSS contributions. According to Uquid, the collaboration with Tether demonstrates how crypto in general can simplify and enhance our daily lives.

With the use of blockchain technology and decentralised finance, Uquid is a top decentralised commerce infrastructure platform that provides cryptocurrency payment choices.the platform has grown to accommodate merchants and customers in a variety of markets, with over 260 million users.

The new era of digital transactions in the Philippine

According to Uquid CEO Tran Hung, the Tether alliance is a major step forward in their mission to make cryptocurrency micropayments applicable by bridging the gap between digital currencies and everyday transactions. He continued by saying that the most recent effort, supported by Tether, raises the bar for accessibility and simplicity in online buying.

Over the past several years, cryptocurrencies have become increasingly popular, with stablecoins setting the example. Although they began life as an on-ramp for centralized exchanges, stablecoins have developed into a major source of liquidity for both centralized and decentralised marketplaces.

As a response to the increasing demand, mainstream payment company PayPal has launched its native stablecoin. moreover, PayPal USD, and Ripple have stated that it will introduce its stablecoin in early 2025. Institutions are also actively using stablecoins for cross-border payments. Tether contacted by Cointelegraph for comments, but the outlet has not yet heard back.