Tether has enabled the ability to pay social security dues in USDT in the Philippines

Stablecoins issued on the TON blockchain are available for payment

01.07.2024 - 14:45

2 min

What’s new? Tether, in partnership with Web 3.0 e-commerce platform Uquid, has launched in the Philippines the ability to pay social security contributions in its USDT stablecoins issued on the TON blockchain. Tether added TON support for USDT in April this year; by the end of June, the amount of stablecoins in circulation on the network had surpassed $500 million.

Source: X.com

What else is known? Uquid is one of the largest decentralized e-commerce platforms, it uses DeFi and blockchain technologies and supports cryptocurrency payments. In eight years of operation, it has attracted over 260 million users.

In late June, Uquid partnered with Tether to launch the 1USDT Store marketplace on its platform to encourage the use of the asset in daily payments. The value of digital and physical goods in this marketplace does not exceed 1 USDT.

Uquid CEO Tran Hung said the partnership with Tether marks an important milestone in bridging the gap between digital currencies and daily transactions, making cryptocurrency micropayments possible.

In the Philippines, the Social Security System (SSS) is a government-run social security program available to public and private sector employees. With Uquid, locals participating in the program will be able to pay their premiums in USDT based on TON.

Tether will stop supporting USDT on the EOS and Algorand networks

Asset redemption will be available on these networks for the next 12 months

Earlier, Tether announced the launch of educational blockchain courses for Taiwanese students in conjunction with the National Taipei University of Technology (NTUT), also known as Taipei Tech.

Author: