As a researcher with a background in blockchain technology and finance, I am thrilled about the recent partnership between Tether and Uquid that enables Filipinos to make Social Security System (SSS) contributions using USDT stablecoin. This is an exciting development that marks a pioneering step in integrating crypto into the Philippines’ public financial framework.
Tether, the foremost stablecoin provider globally, has introduced a novel payment method enabling Filipinos to make contributions to their country’s Social Security System (SSS) using Tether’s USDT stablecoin. This groundbreaking action signifies the first significant integration of cryptocurrency into the Philippines’ public financial infrastructure.
A New Era for the Social Security System
As a researcher, I would describe the Social Security System (SSS) as an indispensable government initiative that offers financial aid to workers in formal and informal employment sectors. It manages vital programs including social security and employee compensation schemes, designed to extend assistance to Filipinos during challenging circumstances.
Using Tether, Filipino residents have the ability to participate in the program by utilizing its USDT stablecoin. USDT is the third largest cryptocurrency globally, following Bitcoin (BTC) and Ethereum (ETH).
On Monday, Tether announced a new partnership with local blockchain company Uquid, which is known for its shopping and infrastructure solutions in the Web3 sector. This collaboration will allow users to make USDT payments for Social Security System (SSS) contributions on the TON blockchain.
Pay Social Security System contributions with USD₮ on @ton_blockchain via @uquidcard in Philippines🇵🇭
— Tether (@Tether_to) July 1, 2024
A Filipino company, recognized for utilizing decentralized finance and blockchain technology, runs a decentralized commerce platform in the Philippines. This platform allows users to make transactions using different cryptocurrencies.
For the past eight years, Uquid has amassed a user base exceeding 260 million strong. This platform caters to the needs of merchants and consumers in various markets beyond the realm of cryptocurrency.
Collaborating with Tether, the two businesses strive to improve financial transactions’ accessibility and efficiency in the Philippines. Furthermore, utilizing USDT for social security payments can simplify the payment process and decrease associated fees.
It will also provide a secure and rapid alternative to traditional banking services.
Transforming Everyday Transactions
According to Tran Hung, the CEO of Uquid, the new partnership with Tether marks a significant achievement in their mission to make digital currencies more accessible for everyday use, specifically facilitating micro-transactions in the process.
He asserts that the partnership is geared towards revolutionizing the experience of digital shopping by redefining convenience and accessibility. Meanwhile, since its inception in 2014, Tether, with its headquarters in the British Virgin Islands, has been a trailblazer in simplifying cross-border and regional transactions, playing a pivotal role in the expansion of crypto payments globally.
This year, the company entered into a partnership with Ivorypay, a startup specializing in crypto payments and remittances, to make USDT available for transactions in multiple African countries.
Through the collaboration, Tether will generate and transfer the stablecoin to Ivorypay. In return, Ivorypay grants users the ability to utilize the digital currency for transactions.
As a financial analyst, I can share that in the month of April, I observed Tether partnering with Telegram to incorporate its payment functionality within the social media giant’s platform. This collaboration enabled an estimated 900 million global users of Telegram to utilize USDT for their transactions.
Merchants and non-business users on the platform can now easily make payments for in-house items using the platform’s stablecoin.
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2024-07-01 18:18