Author: Prashant Jha, CoinTelegraph; Translated by: Deng Tong, Golden Finance
Tether, the world’s largest stablecoin issuer, has launched a new crypto payment option for Philippine citizens, allowing them to pay their Social Security System (SSS) contributions in USDT.
In the Philippines, the Social Security System is a state-operated social insurance program that serves employees in the official, informal, and private sectors.
The SSS is established by law to provide assistance to citizens during difficult times. It currently administers two programs: Social Security and Employee Compensation.
Tether allows payment of government insurance programs using USDT
Tether has partnered with Web3 shopping and infrastructure company Uquid to allow Filipino citizens to pay their SSS contributions using Tether on the open web blockchain. Uquid said the partnership with Tether highlights how stablecoins like USDT and “cryptocurrency in general can simplify and improve our daily lives.”
Uquid is a leading decentralized merchant infrastructure platform that provides crypto payment options using decentralized finance and blockchain technology. The platform supports merchants and customers across markets and has built a user base of over 260 million over the past eight years.
Tran Hung, CEO of Uquid, said that the partnership with Tether is an important milestone in their journey to bridge the gap between digital currencies and daily transactions and make crypto micropayments feasible. He added that the latest initiative, backed by Tether, sets a new benchmark for the convenience and accessibility of digital shopping.
Rising demand for stablecoins
The demand for stablecoins has been rising over the past few years, and cryptocurrencies have become increasingly popular among the mainstream, with stablecoins dominating the market. Stablecoins initially served as an entry tool for centralized exchanges, but have evolved into major liquidity providers for centralized and decentralized markets.
Mainstream payment platform PayPal launched its native stablecoin PayPal USD, and Ripple also announced plans to launch its own stablecoin in early 2025 to meet growing demand. Stablecoins are also actively used for cross-border payments at the institutional level.
