Tether has announced that USDT payments are now available for the Philippines to make contributions to the Social Security System (SSS).
Tether, the world’s foremost stablecoin issuer, has implemented a new payment method that enables individuals in the Philippines to contribute to the Social Security System (SSS) by utilizing its stablecoin, USDT. The action represents a groundbreaking development in the Philippines’ cryptocurrency integration into the public financial system.
A New Era for the Social Security System
The SSS is a state-run program essential for employees’ financial support in both formal and informal sectors. It is responsible for administering critical programs, including employee compensation and social security, designed to assist Filipinos in times of crisis.
Tether’s USDT stablecoin, the third largest cryptocurrency in the world after Bitcoin (BTC) and Ethereum (ETH), enables residents of the Philippines to contribute to the program.
Tether announced on Monday that it had partnered with Uquid, a local blockchain company renowned for its Web3 commerce and infrastructure services. The partnership is intended to facilitate USDT payments for SSS contributions on the TON blockchain.
The decentralized commerce infrastructure platform that the Filipino-based firm operates is renowned for its ability to facilitate a variety of crypto payment options for users in the Philippines by utilizing decentralized finance and blockchain technology.
Uquid has amassed a more than 260 million user base since its inception eight years ago. Diverse markets beyond the crypto economy are served by the platform, which caters to both merchants and consumers.
Both organizations are committed to improving the efficacy and accessibility of financial transactions in the Philippines in collaboration with Tether. Furthermore, using USDT for social security payments will facilitate the optimization of payment processes and the reduction of transaction costs.
In addition, it will offer a prompt and secure alternative to conventional banking services.
Revolutionizing Routine Transactions
Tran Hung, CEO of Uquid, characterized the most recent partnership with Tether as a “pivotal milestone in their efforts to integrate digital currencies into everyday transactions, particularly in enabling crypto micropayments” in his commentary.
According to him, the collaboration is designed to establish a new industry standard by redefining convenience and accessibility in digital purchasing. Since its inception in 2014, Tether has been engaged in the business of simplifying cross-border and regional payments. Tether, headquartered in the British Virgin Islands, has substantially contributed to the global expansion of crypto payments.
Earlier this year, the company collaborated with Ivorypay, a crypto-focused payment and remittance startup, to streamline digital asset payments in Africa. The objective of the agreement is to guarantee that USDT is accessible and used in a variety of countries across the continent.
Tether will mint and disseminate the stablecoin to Ivorypay as part of the partnership, while the company will permit its users to access the digital asset for payment purposes.
In April, Tether also partnered with Telegram to integrate its payment feature into the social media platform, enabling its 900 million global users to access USDT for payments.
This integration allows merchants and non-business users on the platform to pay for in-house items using the stablecoin.