The Philippines has become the first country to allow social security contributions to be paid in Tether (USDT), the world’s largest stablecoin.
The Social Security System (SSS), a state-run program that serves employees across all sectors, is now partnering with Tether to accept USDT payments via the TON blockchain. Uquid, a leading Web3 infrastructure firm, facilitates this collaboration.
Uquid CEO Tran Hung sees this development as a major step towards integrating cryptocurrencies into everyday transactions. “The Tether partnership sets a new standard for convenience and accessibility in digital payments,” Hung said.
The rise of USDT payments for social security reflects the growing popularity of stablecoins, cryptocurrencies pegged to a stable asset like the US dollar. Stablecoins offer the benefits of cryptocurrency, like fast and secure transactions, but with reduced price volatility.
This trend is further evidenced by mainstream players like PayPal introducing their own stablecoin (PayPal USD) and Ripple planning a similar launch in early 2025. Stablecoins are also increasingly used for institutional cross-border payments.
