According to Odaily, Tether has launched a new cryptocurrency payment option for the citizens of the Philippines, enabling them to pay their Social Security System (SSS) funds using USDT. In the Philippines, the SSS is a state-run social insurance program that serves employees from the official, informal, and private sectors.
Tether has collaborated with Web3 shopping and infrastructure company Uquid to allow Philippine citizens to pay their social security funds using USDT on the TON blockchain. This move marks a significant step in the integration of cryptocurrency into mainstream financial systems, particularly in regions where access to traditional banking services may be limited.
The use of USDT, a stablecoin pegged to the US dollar, for social security payments could potentially provide a more stable and secure method of payment for citizens. This collaboration between Tether and Uquid also signifies the growing acceptance and use of blockchain technology in various sectors, including social security systems.