Published on juli 1, 2024, 11:21 am
Image source: Fox News
```json { "TLDR": "The Social Security System in the Philippines is now allowing contributions to be made using Tether (USDT) through a partnership with Uquid, showing how cryptocurrencies like stablecoins are revolutionizing traditional financial systems by enhancing daily transactions and digital shopping convenience." } ```
The Social Security System in the Philippines, a vital state-run social insurance program that caters to employees across various sectors, is now embracing the world of cryptocurrencies. Tether, renowned as the largest stablecoin issuer globally, has unveiled a new option for Filipino citizens to make their Social Security System (SSS) contributions using USDT.
This innovative move signifies a groundbreaking merger between traditional security systems and cutting-edge blockchain technology. The partnership between Tether and Uquid, a prominent decentralized commerce infrastructure platform, allows individuals in the Philippines to settle their SSS obligations through Tether (USDT) on The Open Network blockchain. This collaboration underscores the potential of stablecoins like USDT and cryptocurrencies in simplifying and enhancing daily transactions.
Uquid, recognized for leveraging decentralized finance and blockchain solutions to provide crypto payment services, has amassed a user base exceeding 260 million over its eight-year existence. Tran Hung, the CEO of Uquid, views this partnership with Tether as a pivotal step towards facilitating crypto micropayments and revolutionizing digital shopping convenience.
The integration of cryptocurrencies into mainstream financial operations has been steadily increasing, with stablecoins playing a significant role in this evolution. Initially serving as an entry point tool for centralized exchanges, stablecoins have swiftly transitioned into becoming primary liquidity providers in both centralized and decentralized markets.
Major players such as PayPal have rolled out their native stablecoin PYUSD on their payment platform. Ripple also announced its intention to launch its stablecoin by early 2025 to meet the surging market demand. Moreover, stablecoins are increasingly being adopted for cross-border transactions at institutional levels due to their efficiency and reliability.
As the crypto landscape continues to evolve rapidly, initiatives like the collaboration between Tether and Uquid signal a new era where digital currencies seamlessly integrate into everyday transactions. This endeavor not only highlights the growing importance of stablecoins but also sets a benchmark for accessibility and convenience in digital financial operations.
Original article posted by Fox News
