The world's largest stablecoin issuer Tether, together with Web3 firm Uquid, have become partners of the Social Security System (SSS) of the Philippines. Citizens will now be able to pay their SSS contributions using the Tether (USDT) stablecoin on the Open Network blockchain.
This is expected to simplify the payment process for millions of Filipinos. This demonstrates the growing acceptance of cryptocurrencies by mainstream financial systems and their integration into these systems.
The partnership also highlights the growing demand for stablecoins such as USDT. They are known for their price stability and can be a viable alternative for everyday transactions and financial services.
This development is an important step towards wider adoption of digital currencies in the Philippines. It shows how blockchain technology can improve financial inclusion and inclusion.
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