Fun

Philippines adopts Tether’s USDT for social security payments

News Feed - 2024-07-01 07:07:26

Prashant Jha13 hours agoPhilippines adopts Tether’s USDT for social security paymentsThe Social Security System is a state-run social insurance program that serves employees in the official, informal and private sectors.3331 Total views10 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe world’s largest stablecoin issuer, Tether, has introduced a new crypto payment option for citizens of the Philippines, allowing them to pay their Social Security System (SSS) contributions in USDT.


In the Philippines, the Social Security System is a state-run social insurance program that serves employees in the official, informal and private sectors.


The SSS is mandated by law and aims to provide for citizens in tough times. It currently administers two programs: social security and employee compensation.Tether allows USDT payments for government insurance program


Tether has partnered with Web3 shopping and infrastructure firm Uquid to allow citizens of the Philippines to pay their SSS contributions in Tether (USDT) on The Open Network blockchain. Uquid said the partnership with Tether highlights how stablecoins like USDT and “crypto in general can simplify and enhance our daily lives.”Source: Uquid


Uquid is a leading decentralized commerce infrastructure platform that utilizes decentralized finance and blockchain technology to offer crypto payment options. The platform supports merchants and customers across various markets and has built a use base of over 260 million over the past eight years.


Related:It’s ‘clear’ the US government is going after Tether — Ripple CEO


Uquid CEO Tran Hung said the Tether partnership marks a significant milestone in their journey to bridge the gap between digital currencies and daily transactions, making crypto micropayment applicable. He added that the latest initiative, backed by Tether, sets a new benchmark for convenience and accessibility in digital shopping.Stablecoin demand on the rise


Cryptocurrencies have gained more mainstream adoption over the past few years, with stablecoins leading the way. Stablecoins started off as an on-ramp tool for centralized exchanges but have grown to become the key liquidity provider in centralized and decentralized markets.


Mainstream payment platform PayPal has introduced its native stablecoin, PayPal USD (PYUSD), while Ripple has also announced plans to launch its own stablecoin in early 2025 to capture the growing demand. Stablecoins are also being actively used for cross-border payments at an institutional level.


Cointelegraph reached out to Tether for comments but did not received a response by publication.


Magazine:‘Sic AIs on each other’ to prevent AI apocalypse: David Brin, sci-fi author# Blockchain# Altcoin# Philippines# Adoption# TetherAdd reaction

News Feed

Silvergate Bank Terminates Crypto Payments Network as Shares Plunge to Record Low
Silvergate Bank Terminates Crypto Payments Network as Shares Plunge to Record Low Silvergate Bank has discontinued its cryptocurrency payments network. The decision to shut down Si
Turner Wright5 hours agoJudge signs off on $1.65B settlement between Voyager Digital and FTCThe settlement between the crypto lending firm and the FTC was first announced in October and does not resolve former CEO Stephe
70 Million DOGE Make Their Way To Binance Amid 10% Dogecoin Price Crash
Este artículo también está disponible en español. Whale Alert, a prominent crypto and blockchain tracking platform, has spotted a massive DOGE deposit amid the Dogecoin p
Billionaire ‘Bond King’ Jeffrey Gundlach Predicts the Fed Will Cut Rates Substantially Soon
Billionaire "Bond King" Jeffrey Gundlach Predicts the Fed Will Cut Rates Substantially Soon Billionaire Jeffrey Gundlach, aka the “Bond King,” has predicted that the Fe
South African Crypto Token Holders Concerned About Status of Funds, Unable to Withdraw as Promised
South African Crypto Token Holders Concerned About Status of Funds, Unable to Withdraw as Promised A group of South African cryptocurrency investors have voiced concerns about the
What crypto traders can learn from Charlie Munger — even if he hated BTC
Brayden Lindrea6 hours agoWhat crypto traders can learn from Charlie Munger — even if he hated BTCLegendary investor Charlie Munger may have once called Bitcoin “rat poison squared” — but that doesn"t mean crypto
Pundit Says Do Not Ignore Ethereum Amid New All-Time Highs In Major Metric
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tron’s Bitcoin layer-2 plan could see ’wrapped’ USDT flow into Bitcoin
Brayden Lindrea4 hours agoTron’s Bitcoin layer-2 plan could see ’wrapped’ USDT flow into BitcoinIn February, Tron founder Justin Sun announced it was working on a Bitcoin layer-2 solution to intertwine its tokens w
Tokyo Police Arrest 2 Men for Buying Cryptocurrency Tied to $530M Coincheck Hack
Tokyo Police Arrest 2 Men for Buying Cryptocurrency Tied to $530M Coincheck Hack Tokyo police arrested two individuals on Wednesday for acquiring stolen NEM from the 2018 Coinche
Derek Andersen3 hours agoCanadian regulator seeks feedback on crypto asset exposure disclosure requirementsThe Canadian Office of the Superintendent of Financial Institutions is following a Basel model for its disclosure
Standard Chartered’s crypto arm eyes buying billionaire’s crypto OTC firm: Report
Tom Mitchelhill6 hours agoStandard Chartered’s crypto arm eyes buying billionaire’s crypto OTC firm: ReportZodia Markets is reported to be in talks to buy Elwood Capital Management, a crypto firm backed by billionair
Amaka Nwaokocha2 hours agoSEC’s appeal won’t be a setback for XRP holders — Pro XRP lawyerJohn Deaton elaborated on the possible scenarios and intricacies of enforcing the summary judgment.2012 Total views17 Total