The world’s largest stablecoin issuer, Tether, has launched a new crypto payment option for the Philippines. Citizens can now pay their Social Security System (SSS) contributions using USDT.
Tether’s Partnership with Uquid
Tether has teamed up with Web3 shopping and infrastructure firm Uquid. This partnership allows Filipinos to pay their SSS contributions in Tether on The Open Network blockchain. Uquid praised the partnership, stating that stablecoins like USDT and “crypto, in general, can simplify and enhance our daily lives.”
Uquid is a leading platform in decentralized commerce. It uses decentralized finance and blockchain technology to offer crypto payment options. The platform supports merchants and customers in various markets and has built a user base of over 260 million in the past eight years.
Tran Hung, Uquid’s CEO, called the Tether partnership a significant milestone. He said it bridges the gap between digital currencies and daily transactions, making crypto micropayments more practical. Hung added that this initiative sets a new standard for convenience and accessibility in digital shopping.
What is the Social Security System (SSS)?
In the Philippines, the Social Security System is a government-run insurance program. It supports employees in various sectors, including official, informal, and private sectors. The SSS aims to help citizens during difficult times and manages two main programs: social security and employee compensation.
Growing Adoption of Stablecoins
Cryptocurrencies, especially stablecoins, have gained mainstream acceptance in recent years. Stablecoins started as a tool for centralized exchanges but now provide key liquidity in both centralized and decentralized markets.
Mainstream payment platform PayPal has introduced its own stablecoin, PayPal USD. Ripple also announced plans to launch its stablecoin in early 2025 to meet growing demand. Additionally, stablecoins are increasingly used for cross-border payments at the institutional level.
