The Social Security System is a state-run social insurance program that serves employees in the official, informal and private sectors.
The world’s largest stablecoin issuer, Tether, has introduced a new crypto payment option for citizens of the Philippines, allowing them to pay their Social Security System (SSS) contributions in USDT.
In the Philippines, the Social Security System 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: social security and employee compensation.
Tether allows USDT payments for government insurance program
Tether has partnered with Web3 shopping and infrastructure firm Uquid to allow citizens of the Philippines to pay their SSS contributions in Tether
USDT $1.00 on The Open Network 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 eight years.
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 more mainstream adoption over the past few years, with stablecoins leading the way. Stablecoins started off as an on-ramp tool for centralized exchanges but have grown to become the key liquidity provider in centralized and decentralized markets.
Mainstream payment platform PayPal has introduced its native stablecoin, PayPal USD
PYUSD $1.00, while Ripple has also announced plans to launch its own stablecoin in early 2025 to capture the growing demand. Stablecoins are also being actively used for cross-border payments at an institutional level.
Cointelegraph reached out to Tether for comments but did not received a response by publication.
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