Tether’s USDT Now Accepted for Social Security Payments in the Philippines

Author

Ruholamin Haqshanas

Author

Ruholamin Haqshanas

About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Author Profile

Share

Copied

Last updated:

July 1, 2024 08:03 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

Tether has introduced a new payment option for the Philippines people, allowing them to pay their social security system (SSS) contributions using its stablecoin, USDT.

The SSS is a state-run social insurance program that provides support to employees in both the formal and informal sectors.

As a mandated program, the SSS aims to offer financial assistance during challenging times and currently administers two key programs, including the social security program and the employees’ compensation program.

Tether Partners With Uquid to Enable USDT Payments in Philippines

Tether has partnered with Uquid, a prominent Web3 shopping and infrastructure firm, to facilitate USDT payments for SSS contributions on the TON blockchain.

Pay Social Security System contributions with USD₮ on @ton_blockchain via @uquidcard in Philippines🇵🇭 pic.twitter.com/8WJyNVH0ux

— Tether (@Tether_to) July 1, 2024

Uquid, known for its decentralized commerce infrastructure platform, utilizes blockchain technology and decentralized finance to offer crypto payment options.

With a user base of over 260 million across various markets, Uquid is well-positioned to support the adoption of cryptocurrencies in daily transactions.

It is worth noting that stablecoins have seen increased demand in recent years, which reflects the broader adoption of cryptocurrencies.

Stablecoins, in particular, have played a crucial role in driving mainstream acceptance.

Initially serving as an on-ramp tool for centralized exchanges, stablecoins have now become vital liquidity providers in both centralized and decentralized markets.

Advocates of stablecoins argue that their near-instantaneous transactions and low costs make them ideal for disrupting the payments sector.

In an effort to leverage stablecoins, PayPal introduced its PYUSD stablecoin last year to facilitate instant and lower-cost transfers within its payment infrastructure.

Similarly, Stripe announced on April 25 that it would allow merchants using its platform to accept stablecoins for online transactions.

The company is starting with USDC stablecoins on the Solana, Ethereum, and Polygon blockchains.

Additionally, stablecoins are gaining traction for cross-border payments at the institutional level, highlighting their potential to revolutionize traditional financial systems.

Just recently, PayPal announced a feature that allows users to convert PYUSD stablecoin in their linked PayPal to USD and use it as a funding source to send money to recipients in 160 countries globally.

Stablecoin Holdings Drop Among Investors

As reported, stablecoin holdings among institutional and retail investors decreased from 50.2% in December to 42.8% in May.

On the other hand, Bitcoin continues to be the largest single asset held, accounting for 26% of their total assets in the leading cryptocurrency as of May 2024.

Retail traders, similar to institutions, continue to show a preference for BTC over ETH, despite the renewed optimism for ETH Spot ETFs.

However, institutional positions in BTC and ETH are more concentrated compared to those of retail traders, with holdings of 39.4% and 20.9% respectively as of May.

Following the SEC’s approval of Bitcoin Spot ETFs in January 2024, institutional Bitcoin holdings have consistently increased, while their Ether positions have seen a surprising decrease.

This suggests that institutions view Bitcoin as the more attractive option, potentially due to concerns about Ether Spot ETFs not including staking rewards.

In contrast, retail traders demonstrated their ability to time the market during the March-April 2024 correction.