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USDT Now Accepted for Social Security Payments in the Philippines

Twitter icon  •  Published 3 months ago  •  Nikolas Sargeant

Tether introduces USDT as a payment option for social security contributions in the Philippines, partnering with Uquid to facilitate transactions on the TON blockchain.

Tether has introduced USDT as a payment option for social security system (SSS) contributions in the Philippines. The SSS is a state-run social insurance program supporting employees in both formal and informal sectors.

Tether's Partnership with Uquid

Tether partnered with Uquid, a Web3 shopping and infrastructure firm, to enable USDT payments for SSS contributions on the TON blockchain. Uquid's platform uses blockchain technology and decentralized finance to offer crypto payment options.

Stablecoin Adoption and Impact

Stablecoins have seen increased demand, reflecting broader cryptocurrency adoption. They've evolved from exchange on-ramp tools to vital liquidity providers in centralized and decentralized markets. Companies like PayPal and Stripe have integrated stablecoins into their payment systems, highlighting their potential in revolutionizing financial transactions.

Investor Trends in Stablecoins and Cryptocurrencies

Recent data shows a decrease in stablecoin holdings among investors, dropping from 50.2% in December to 42.8% in May. Bitcoin remains the largest single asset held, accounting for 26% of total assets. Institutional Bitcoin holdings have increased following the approval of Bitcoin Spot ETFs, while Ether positions have decreased.

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Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.