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    Philippines Now Accepts Tether (USDT) for Social Security Payments

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    Philippines Now Accepts Tether (USDT) for Social Security Payments

    The Philippines has taken a significant step towards integrating cryptocurrency into its financial system.

    Tether, the leading stablecoin issuer, has partnered with Uquid, a Web3 infrastructure firm, to allow Filipinos to pay their Social Security System (SSS) contributions using USDT.

    The SSS is a government-run program that provides social security benefits to employees in both formal and informal sectors.

    This move aims to simplify and enhance the way citizens interact with their social security program.

    Uquid, known for its decentralized commerce platform, will facilitate these USDT payments on the TON blockchain.

    Their extensive user base and experience in crypto payments make them a suitable partner for this initiative.

    The adoption of USDT for social security payments highlights the growing acceptance of stablecoins. 

    Stablecoins are cryptocurrencies pegged to the value of traditional assets, like the US dollar, offering more stability than other cryptocurrencies.

    Proponents of stablecoins believe they offer advantages over traditional payment methods due to their near-instantaneous transactions and lower fees.

    Major payment processors like PayPal and Stripe are already exploring the use of stablecoins for faster and cheaper international transactions.

    However, the news comes amidst a slight decrease in overall stablecoin holdings by investors. 

    Despite this, the Philippines’ move signifies a potential shift towards wider adoption of cryptocurrencies in everyday transactions.

    For more Web3 news, check out the XGA newsfeed.

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