July 14, 2024
Altcoins News

Tether Introduces USDT Payments for Philippines’ SSS

Tether, the world’s largest stablecoin issuer, introduces USDT payments for Filipinos, allowing them to pay their Social Security System (SSS) contributions. The SSS is a crucial state-run social insurance program in the Philippines, serving employees across various sectors.

Partnership with Uquid

In collaboration with Uquid, a Web3 shopping and infrastructure firm, Tether facilitates USDT payments on The Open Network blockchain. This partnership underscores the potential of stablecoins like USDT to simplify daily transactions and enhance accessibility in digital payments.

Uquid, known for its decentralized commerce infrastructure leveraging blockchain technology, supports a broad user base exceeding 260 million globally over eight years. CEO Tran Hung emphasizes that the Tether partnership marks a significant step toward integrating digital currencies into everyday transactions, particularly in micro-payments.

USDT Payments and the Rise of Stablecoins in Mainstream Adoption

Stablecoins have gained significant traction in recent years, initially serving as liquidity providers in both centralized and decentralized markets. Platforms like PayPal have introduced native stablecoins, reflecting the growing demand and mainstream acceptance of digital currencies for cross-border transactions.

The announcement by Tether and Uquid highlights the evolving role of stablecoins beyond traditional financial services. Thus, paving the way for broader adoption in everyday transactions.

As cryptocurrencies continue to integrate into global economies, initiatives like USDT payments for SSS contributions illustrate their potential to revolutionize financial interactions on a global scale.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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