Tether, the issuer of the world’s largest stablecoin USDT, is now adopted in the Philippines to allow citizens to pay the Social Security System (SSS). The State service manages social security and employee compensation.
Philippines adopts the stablecoin Tether (USDT) for the Social Security System
Tether has announced that in the Philippines it will be possible to use the stablecoin USDT for payments of the Social Security System (SSS) service, managed by the State.
Pay Social Security System contributions with USD₮ on @ton_blockchain via @uquidcard in Philippines
pic.twitter.com/8WJyNVH0ux
— Tether (@Tether_to) July 1, 2024
“Pay social security system contributions with USD₮ on @ton_blockchain via @uquidcard in Philippines”
Specifically, the Social Security System manages social security and employee compensation, and its payment is mandatory by law.
All this was made possible mainly thanks to the new partnership between Tether and the Web3 shopping and infrastructure company Uquid. Not only that, citizens who adopt USDT for the SSS service will send their transactions on the blockchain The Open Network.
Philippines and the adoption of the stablecoin Tether (USDT) to pay SSS contributions
Another peculiarity of the SSS is that it is a social insurance program managed by the State that serves workers in the official, informal, and private sectors.
This means that in the Philippines, the use of Tether’s stablecoin USDT is almost a “legalized” formula.
At the same time, enabling such an expansion of the adoption of USDT, is Uquid, the leading infrastructure in the decentralized sector that uses DeFi and blockchain to offer payment options in crypto.
Just a few days ago, Uquid had launched the new store “1 USDT”, where it is possible to find and purchase all items at the price of 1 USDT.
Today’s the day! Introducing the 1 USDt Store – where every item is just 1 USDt!
Explore a world of possibilities with unbeatable deals on exclusive products. Powered by UQUID and @Tether_to.
Start shopping now at https://t.co/8guOUfT3KK and on Telegram via our… pic.twitter.com/gSfD83XBt4
— UQUID (@uquidcard) June 25, 2024
Today is the right day! We present to you the 1 USDt store – where every item costs only 1 USDt! Explore a world of possibilities with unbeatable deals on exclusive products. Created by UQUID and @Tether_toStart shopping now at https://1usdt.store and on Telegram through our @shop1usdt_bot
The new gold-based stablecoin
While Tether continues to forge new partnerships to increase the adoption of its main stablecoin USDT, it recently made headlines for the launch of a new stablecoin.
This is Alloy by Tether, the new gold-collateralized stablecoin pegged to the US dollar, and it will have the symbol aUSDT.
aUSDT is technically over-collateralized in gold, meaning that the total market value of all the gold reserves held by Tether as collateral for aUSDT exceeds the value of all the aUSDT tokens issued.
Obviously, aUSDT is therefore not the same thing as Tether Gold (XAUT) and that is the stablecoin pegged to Tether’s gold.