Tether Partners with Uquid to Enable Crypto Payments for Philippines' Social Security System
Summary:
Tether, the global stablecoin issuer, has joined with Web3 shopping firm, Uquid, to enable Filipinos to pay Social Security System (SSS) contributions using Tether USDT. The move is aimed at facilitating SSS payment process and reflects how stablecoins and cryptocurrencies can simplify everyday transactions. Uquid, leveraging decentralized finance and blockchain technologies for digital payment options, hails this as a significant advancement in bridging the gap between digital currencies and daily transactions.
Tether, the world’s leading stablecoin issuer, has launched a novel digital payment initiative in the Philippines, enabling citizens to process their Social Security System (SSS) payments using USDT. The SSS is a government-run, state-mandated social insurance scheme which caters to employees across different fields, including official, private, and informal sectors. It operates two key programs, i.e., the social security program and the employees' compensation program.
In a bid to streamline the government insurance program's payment process, Tether has joined forces with Uquid, a Web3 shopping and infrastructure firm. This partnership allows Filipino citizens to pay their SSS contributions via Tether USDT on the TON blockchain. According to Uquid, this collaboration points to how stablecoins such as USDT and cryptocurrencies can simplify and bolster everyday transactions.
Uquid, a premier decentralized trading infrastructure platform, leverages blockchain and decentralized finance technologies to provide digital payment options. The company caters to a broad clientele and merchants from different industries and has amassed a user base of over 260 million during the last 8 years.
Uquid's CEO, Tran Hung, has stated that teaming up with Tether constitutes a significant step in their mission to narrow the divide between digital currencies and routine transactions, thus making crypto micropayment more relevant. Backed by Tether, he believes that this recent initiative stresses a new high in digital shopping's ease of access and convenience.
Recently, cryptocurrencies, especially stablecoins, have witnessed widespread acceptance, with stablecoins leading the charge. Initially utilized as a liquidity tool for centralized exchanges, stablecoins have morphed into a critical liquidity source for both centralized and decentralized markets, and they are progressively being utilized in everyday transactions.
Major payment platforms, including PayPal, have launched their exclusive stablecoins, such as PayPal USD (PYUSD), and Ripple has also declared their intentions to introduce their own stablecoin by early next year, capitalizing on the booming stablecoin demand. Besides, stablecoins are increasingly being utilized in institutional-level cross-border payments.
Despite reaching out, Cointelegraph hadn't received any comment from Tether at the time of publication.
Published At
7/1/2024 1:34:26 PM
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