Tether Debuts USDT Payment Option for Social Security in the Philippines

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Tether, the creator of the world’s largest stablecoin, USDT, has launched a payment option for Philippine citizens, allowing them to pay their Social Security System (SSS) contributions in USDT.

The Social Security System in the Philippines is a state-run social insurance program that serves employees in the formal, informal, and private sectors. Established by legislation, the SSS intends to offer financial assistance to residents during difficult times by administering two core programs: social security and employee compensation.

Tether taps Uquid for the new service.

Tether has partnered with Uquid, a Web3 commerce and infrastructure startup, to enable SSS donation payments via USDT on The Open Network blockchain. Uquid noted that this collaboration demonstrates how stablecoins such as USDT and cryptocurrencies in general, can simplify and improve daily life.

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Uquid, a prominent platform for decentralized commerce, uses decentralized finance and blockchain technology to provide a variety of crypto payment choices. Uquid has grown to over 260 million users in eight years, serving businesses and customers in a variety of marketplaces.

Uquid Chief Executive Weighs In

Tran Hung, CEO of Uquid, remarked that the relationship with Tether is a huge step forward in their quest to bridge the gap between digital currencies and ordinary transactions. He further stated that this project, which is supported by Tether, establishes a new benchmark for convenience and accessibility in digital buying.

As cryptocurrencies acquired public appeal, the rise of stablecoins was noteworthy. Stablecoins began as an on-ramp tool for centralized exchanges and have now evolved into major liquidity providers in both controlled and decentralized marketplaces.

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Regulation of the stablecoin industry

Leading American institutions are playing with stablecoins, with PayPal introducing its native stablecoin, PayPal USD (PYUSD), and Ripple preparing to create its own stablecoin in early 2025 to satisfy rising demand. 

As a result, the regulation of these digital assets has become a necessity. Recently, Circle chief executive Jeremy Allaire predicted that stablecoins could account for 10% of global economic money within the next decade. 

“Most of the world’s largest payments companies are actively using this technology and exploring how to expand their usage as the benefits of public chains and stablecoins become apparent to everyone,” Allaire stated. 

To combat the explosive growth of stablecoins, governments around the world are working on central bank digital currencies (CBDCs). As per a survey from the Bank of International Settlement (BIS), banking authorities around the world are exploring CBDCs.

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