Philippines Adopts Tether USDT For Social Security Payment

Tether's USDT in collaboration with Uquid that allows Filipinos to pay Social Security (photo: x @trackingjaydao)

JAKARTA - The Philippines has introduced a new payment option using the USDT Tether's for its citizens, allowing them to pay for the contribution of Social Security with the world's largest stablecoin.

In the Philippines, the Social Security System (SSS) is a state-run social insurance program that serves employees in the official, informal, and private sectors. SSS is required by law and aims to provide citizens in difficult times. Currently, SSS manages two programs: social security and employee compensation.

Tether has partnered with Web3 shopping infrastructure company Uquid to allow Filipinos to pay their SSS contributions in USDT on the blockchain of The Open Network. Uquid stated that partnerships with Tether highlight how stablecoins like USDT and crypto in general can simplify and improve our daily lives.

Uquid is a leading decentralized trading infrastructure platform that leverages decentralized financial technology and blockchain to offer crypto payment options. The platform supports traders and customers in various markets and has built a user base of more than 260 million over the past eight years.

Uquid CEO Tran Hung said partnerships with Tether marked an important milestone in their journey to bridge the gap between digital currencies and daily transactions, making crypto micro payments applicable. He added that the latest Tether-backed initiative sets new benchmarks for convenience and accessibility in digital shopping.

Cryptocurrencies have gained more mainstream adoption over the past few years, with stablecoins leading the way. Stablecoins started as an on-ramp tool for centralized exchanges but have grown to become a major liquidity provider in the centralized and decentralized markets.

Mainstream PayPal payment platforms have introduced their original stablecoin, PayPal USD (PYUSD), while Ripple also announced plans to launch their own stablecoins in early 2025 to capture ever-increasing demand. Stablecoins are also actively used for cross-border payments at institutional levels.