Tether Enables USDT Payments for Social Security in the Philippines
Tether, the world's largest stablecoin issuer, has launched a new payment option in the Philippines, allowing citizens to pay their Social Security System (SSS) contributions using USDT.
The SSS, a state-run social insurance program, provides coverage for employees across various sectors and aims to support citizens during difficult times through its social security and employee compensation programs.
Partnering with Web3 shopping and infrastructure firm Uquid, Tether facilitates these payments on The Open Network blockchain.
Uquid emphasizes that this partnership demonstrates how stablecoins like USDT can simplify and enhance everyday transactions. Uquid, a decentralized commerce platform, leverages blockchain technology to support crypto payments, catering to over 260 million users globally.
READ MORE: Tether Shifts Focus to Community-Driven Blockchains, Discontinues USDT Support for Algorand and EOS
Tran Hung, CEO of Uquid, highlighted that the collaboration with Tether marks a significant milestone in integrating digital currencies with daily transactions, setting a new standard for convenience and accessibility in digital shopping.
Stablecoins have become increasingly popular, serving as key liquidity providers in both centralized and decentralized markets. Major companies like PayPal and Ripple are also entering the stablecoin market, reflecting the growing demand and mainstream adoption of these digital assets.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
