Key Takeaways
- The Philippines now accepts Tether USDT for social security payments.
- Tether’s partnership with Uquid allows SSS contributions on the TON blockchain.
In partnership with Web3 shopping and infrastructure firm Uquid, Tether now enables Philippine citizens to make SSS contributions using USDT on the TON blockchain. The initiative is a development on the integration of crypto into everyday (or in this case, monthly) financial transactions, particularly for government and social services.
Pay Social Security System contributions with USD₮ on @ton_blockchain via @uquidcard in Philippines🇵🇠pic.twitter.com/8WJyNVH0ux
— Tether (@Tether_to) July 1, 2024
The Social Security System in the Philippines is a state-run insurance program serving employees across official, informal, and private sectors. It provides critical support during challenging times through two main programs: social security and employee compensation.
Uquid CEO Tran Hung hailed the partnership as a milestone in bridging digital currencies with daily transactions. The platform, which has built a user base of over 260 million in eight years, sees this collaboration as setting a new benchmark for convenience and accessibility in digital shopping and payments.This development comes amid rising demand for stablecoins in various sectors. Major platforms like PayPal have launched their own stablecoins, while companies such as Ripple plan to enter the market. Stablecoins are increasingly used for cross-border payments at the institutional level, showcasing their growing importance in the financial ecosystem.The integration of USDT for government-mandated payments demonstrates the potential for crypto to simplify and enhance daily financial activities. It also highlights the Philippines’ openness to innovative financial solutions, potentially paving the way for broader crypto adoption in government and social services.Crypto regulation in the PhilippinesThe Philippine crypto regulation scene is also undergoing significant changes. This author recently spoke to representatives from Bitskwela, a blockchain education grassroots initiative based in the country. Bitskwela’s representatives said that their group is part of a technical working group formed by the Philippine government to develop frameworks guiding blockchain and crypto regulation in the country.House Bill No. 658 (Blockchain Technology Development Act), authored by Congressman Joey Maceda, formulates the basic regulatory framework for the sector.The Philippines’ Department of Information and Communications Technology (DICT) also recently unveiled eGov chain, a government blockchain, citing blockchain immutability as a key driver for adopting and implementing the program.
“We aim to establish a second node by year-end with private sector support, and a third node next year, making us one of the first countries to launch a government blockchain,” DICT Undersecretary David Almirol said, commenting on the matter.
A recent report from CoinGecko places the Philippines third after the US and UK in terms of ranked interest in meme coins, making it the top “crypto degen nation” in Asia with 5.07% traffic share to GeckoTerminal, DEX Screener, and DEXTools, among other similar toolkits and platforms for decentralized finance.
