By
Tolu Ajiboye
July 3rd, 2024
With Tether, residents of the Philippines can contribute to the program using its USDT stablecoin.
Tether, the world’s leading stablecoin issuer, has introduced a new payment option allowing people in the Philippines to make contributions to the country’s Social Security System (SSS) using its stablecoin USDT. The move marks a pioneering step in integrating crypto into the Philippines’ public financial framework.
A New Era for the Social Security System
The SSS is a crucial state-run program that provides financial assistance to employees in both formal and informal sectors. It administers essential programs such as social security and employee compensation, aimed at offering support to Filipinos during times of need.
With Tether, residents of the Philippines can contribute to the program using its USDT stablecoin, which represents the world’s third largest crypto after Bitcoin (BTC) and Ethereum (ETH).
Tether said Monday that it partnered with local blockchain company Uquid, a renowned Web3 shopping and infrastructure firm, to enable USDT payments for SSS contributions on the TON blockchain.
Pay Social Security System contributions with USD₮ on @ton_blockchain via @uquidcard in Philippines🇵🇭 pic.twitter.com/8WJyNVH0ux
— Tether (@Tether_to) July 1, 2024
The Filipino-based firm is known for leveraging decentralized finance and blockchain technology to operate a decentralized commerce infrastructure platform that facilitates various crypto payment options for users within the Philippines.
Since its inception eight years ago, Uquid has built a user base of over 260 million. The platform serves both merchants and customers in diverse markets outside the crypto economy.
Together with Tether, both companies aim to enhance the accessibility and efficiency in financial transactions within the Philippines. Additionally, the use of USDT for social security payments will help streamline payment processes and reduce transaction costs.
It will also provide a secure and rapid alternative to traditional banking services.
Transforming Everyday Transactions
Commenting on the latest partnership, Tran Hung, CEO of Uquid described the latest collaboration with Tether as a “pivotal milestone in their efforts to integrate digital currencies into everyday transactions, particularly in enabling crypto micropayments”.
According to him, the collaboration aims to redefine convenience and accessibility in digital shopping, setting a new standard for the industry. Meanwhile, Tether has been in the business of streamlining cross-border and regional payments since its launch in 2014. Headquartered in the British Virgin Islands, Tether has significantly contributed to the growth of crypto payments worldwide.
Earlier this year, the company partnered with Ivorypay, a crypto-focused payment and remittance startup, to facilitate digital asset payments in Africa. The deal aims to ensure USDT is accessible for use across various countries on the continent.
Under the partnership, Tether will mint and distribute the stablecoin to Ivorypay while the company allows its users to access the digital asset for payments.
In April, Tether also collaborated with Telegram, integrating its payment feature into the social media platform to allow its 900 million global users to access USDT for payments.
This integration offers both merchants and non-business users on the platform the opportunity to pay for in-house items using the stablecoin.