Tether, the world’s largest stablecoin issuer, has introduced a new payment option for citizens of the Philippines that allows them to pay their Social Security System (SSS) contributions using USDT.
Pay Social Security System contributions with USD₮ on @ton_blockchain via @uquidcard in Philippines🇵🇭 pic.twitter.com/8WJyNVH0ux
— Tether (@Tether_to) July 1, 2024
In the Philippines, the Social Security System (SSS) is a state-run social insurance program serving employees in the formal, informal, and private sectors.
Tether’s move is part of its collaboration with Web3 shopping and infrastructure firm Uquid. Through this partnership, citizens can now pay their SSS contributions in USDT on The Open Network blockchain.
Uquid emphasised that this initiative demonstrates how stablecoins like USDT and cryptocurrencies can simplify and enhance daily life.
Tran Hung, CEO of Uquid, stated that the partnership with Tether is a significant milestone in their effort to integrate digital currencies into everyday transactions. He noted that the initiative sets a new standard for convenience and accessibility in digital shopping.
Tether has been actively working to increase the use and acceptance of USDT worldwide. The company recently invested $18.75 million in XREX to promote global adoption of USDT. This investment aimed to enable XREX, a critical stakeholder in the stablecoin financial sector, particularly in the Asia region, to facilitate compliant USDT-based cross-border B2B payments in emerging markets.
Notably, the latest development builds on Tether and Uquid’s recent move to launch the 1USDT Store to demonstrate the practical use of USDT in everyday transactions and digital commerce. The platform was designed to enhance crypto micropayments and the overall crypto shopping experience on blockchain-based payment systems.
During its active period, the 1USDT Store is accessible through the website 1USDt.store or the @shop1USDt_bot on Telegram. It offered tailored products for different markets. Users could shop quickly and conveniently for various products, including digital items like mobile top-ups and gift cards, as well as physical goods, all priced under 1 USDT.
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