Philippines Integrates USDT into Social Security System

Philippines Integrates USDT into Social Security System

The Philippines government has announced that it will now accept USDT for Social Security System (SSS) contributions. Tether, the issuer of USDT, revealed a new crypto payment solution that enables residents to make SSS payments using the stablecoin. The Open Network (TON) blockchain will facilitate these transactions, promoting the integration of digital currency into the social insurance scheme.

The Philippines Social Security System is a government-run program providing social insurance to various employee groups in the private, formal, and informal sectors. With the new system, contributions to SSS can now be made on-chain, marking a significant step towards modernizing payment systems in the country.

Tether has partnered with Uquid, a Web3 shopping and infrastructure firm, to support crypto payments for the SSS. According to Uquid’s announcement, transactions will occur on the decentralized TON blockchain. This strategic partnership aims to increase the accessibility of crypto payment solutions globally, aligning with Uquid’s mission.

Uquid expressed gratitude to Tether for its support, stating, “Paying SSS contributions with USDT on TON blockchain via UQUID is the perfect example of how stablecoins like USDT and crypto in general can simplify and enhance our daily lives.” Uquid is known for its contributions to decentralized finance (DeFi) and has connected over 260 million users worldwide with its crypto payment solutions.

This collaboration between Tether and Uquid is not new. On June 25, Tether announced a program to support blockchain infrastructure and enhance crypto shopping experiences. This included launching a store that offers products for less than 1 USD₮, streamlining both on-chain and off-chain shopping experiences.

Tran Hung, CEO of Uquid, highlighted that the virtual store aims to reduce barriers to cross-border payments and bridge the gap between cryptocurrencies and everyday transactions. He stated, “Launching the 1 USD₮ Store represents a significant milestone in our journey to bridge the gap between digital currencies and daily transactions, making crypto micropayment applicable.”

The announcement follows Tether’s decision to halt minting new USDT on the EOS and Algorand blockchains, citing community interests. Despite this, Tether assured that the redemption of USDT on these blockchains will continue for the next 12 months to ensure a smooth transition.

    Newsletter | Every weekday

    Smart Central News Weekly Briefing

    Only top industry news of the week in your inbox