The world’s largest stablecoin issuer, Tether, has introduced a new crypto payment option for the Philippines population, allowing them to pay their social security system (SSS) contributions in USDT.
In the Philippines, the Social Security System (SSS) is a state-run social insurance program that serves employees in the official, informal, and private sectors.
The SSS is mandated by law and aims to provide for citizens in tough times. It currently administers two programs: the social security program and the employees’ compensation program.
Tether allows USDT payments for the government insurance program
Tether has partnered with Web3 shopping and infrastructure firm Uquid to allow Philippines citizens to pay their SSS contributions in Tether USDT (USDT) on the TON blockchain. Uquid said the partnership with Tether highlights how stablecoins like USDT and “crypto in general can simplify and enhance our daily lives.”
Uquid is a leading decentralized commerce infrastructure platform that utilizes decentralized finance and blockchain technology to offer crypto payment options. The platform supports merchants and customers across various markets and has built a use base of over 260 million over the past 8 years.
Related: It’s ‘clear’ the US government is going after Tether — Ripple CEO
Uquid CEO Tran Hung said the Tether partnership marks a significant milestone in their journey to bridge the gap between digital currencies and daily transactions, making crypto micropayment applicable. He added that the latest initiative, backed by Tether, sets a new benchmark for convenience and accessibility in digital shopping.
Stablecoin demand on the rise
Cryptocurrencies have gained mainstream adoption over the past few years, and stablecoins have led the movement from the front. Stablecoins started off as an on-ramp tool for centralized exchanges, has grown to become the key liquidity provider in the centralized and decentralized markets, and now it is being actively tried in daily use.
Mainstream payment platform such as PayPal has introduced their native stablecoins, PayPal USD (PYUSD), while Ripple has also announced plans to launch their own stablecoin early next year to capture the growing stablecoin demand. Apart from that, stablecoins are also being actively used for cross-border payments at the institutional level.
Cointelegraph reached out to Tether for comments but hadn't received a response at publishing time.
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