Tether, the world’s largest issuer of stablecoins, has joined forces with Uquid, a trailblazer in Web3 e-commerce, to facilitate Social Security System (SSS) contributions in the Philippines using USDT. This partnership not only simplifies government payments but also shows the expanding utility of stablecoins in everyday transactions.
Expanding Crypto Payments in Daily Life
The collaboration launched the innovative 1 USD₮ Store, accessible via 1USDt.store or the @shop1USDt_bot on Telegram, where consumers can purchase a variety of products exclusively with USDT. Paolo Ardoino, CEO of Tether, emphasized the transformative impact of this initiative, stating,
We are now in the future where limitless cross-border payment solutions are reliable and non-restrictive. We are proud to be part of the driving force that makes this happen.
SSS Contributions Made Easy
In a significant development for Filipino citizens, the partnership has enabled the payment of SSS contributions using USDT. The Social Security System, a critical social insurance program in the Philippines, offers financial security to workers across various sectors during challenging times. This integration marks a pivotal step towards incorporating digital currencies in statutory financial obligations.
Kaiko Report Unveils Latam’s Stablecoin Preference Over BitcoinVision of Digital Currency Integration
Tran Hung, CEO of Uquid, expressed enthusiasm about this milestone, stating, “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 initiative is part of a broader vision to enhance the convenience and accessibility of digital shopping and financial transactions.
Rising Demand for Stablecoins
The demand for stablecoins like USDT has seen a sharp increase as they play a pivotal role in both centralized and decentralized markets. Major financial platforms such as PayPal and Ripple are also expanding their offerings to include stablecoins. Through this collaboration, Tether and Uquid are setting new standards for the use of cryptocurrencies in everyday life.
