The Philippines government will accept USDT for social security payments
USDT issuer Tether announced a new crypto payment solution for Philippines residents, allowing them to complete payments for their Social Security System (SSS). The Philippines government will now accept SSS contributions in USDT.
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The Open Network (TON) blockchain will support the payment system and promote SSS transactions for citizens contributing to the program. The Philippines Social Security System is a government-run social insurance scheme that serves various employee groups in the private, formal, and informal sectors.
SSS crypto contributions in the Philippines are now on-chain
Pay Social Security System contributions with USD₮ on @ton_blockchain via @uquidcard in Philippines🇵🇭 pic.twitter.com/8WJyNVH0ux
— Tether (@Tether_to) July 1, 2024
Tether announced a partnership with Web3 shopping and infrastructure firm Uquid to support crypto payments for the Philippines SSS. According to Uquid’s announcement on X, the transactions will occur on the decentralized TON blockchain. The strategic partnership between the two firms aligns with Uquid’s objective and vision of increasing the accessibility of crypto payment solutions globally, according to the Uquid team.
Thank you Tether for the support! 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. This aligns with UQUID’s vision of making crypto payments more accessible and widespread.”
Uquid is known for its crypto payment solutions, especially in the decentralized finance DeFi arena. Uquid serves as a platform for merchants and their clientele and has connected over 260 million users worldwide.
Tether and Uquid have previously collaborated
SSS crypto payments are a byproduct of Tether and Uquid’s recent program to support the blockchain infrastructure and enhance crypto shopping experiences and micropayments. On June 25th, Tether released a statement acknowledging its collaboration with the Web3 e-commerce platform.
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According to the statement, the two announced the launch of one USD₮ store meant to streamline on-chain and off-chain shopping experiences. According to the post, the store offers various products, including gift cards and mobile top-ups, for less than 1 USD₮. The CEO of Tether stated that the two firms joined hands to bring the future to the present by providing “limitless cross-border payment solutions” for global users.
Tran Hung, the CEO of Uquid, stated that the virtual store would significantly reduce the barriers to cross-border payments and simultaneously fill the gap between cryptocurrencies and day-to-day transactions.
“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 news comes after Tether announced that it would halt minting new USDT on EOS and Algorand. The firm decided to stop minting USDT on the two blockchains, citing community interests. The stablecoin issuer, however, detailed that the redemption of USDT in the two blockchains will continue for the next 12 months to allow a smooth transition.
Cryptopolitan reporting by Collins J. Okoth
