BlockBeats reported on July 1, 2024, that Tether has introduced a new cryptocurrency payment option for Filipino citizens, allowing them to use USDT to pay into the Social Security System (SSS). The SSS is a government-run social insurance program in the Philippines serving employees in the public, informal, and private sectors.
Through a partnership with Web3 shopping and infrastructure company Uquid, Tether enables SSS contributions to be paid via USDT on the TON blockchain. This initiative marks a significant step in leveraging blockchain technology for public financial services.
Key Benefits of USDT for Social Security Payments
- Instant Transactions: USDT transfers on TON ensure near-instant settlement.
- Low Fees: Reduces traditional banking or remittance costs.
- Financial Inclusion: Expands access for unbanked populations.
How It Works
- Users select USDT as the payment method on Uquid’s platform.
- Contributions are processed via TON blockchain.
- SSS receives funds in real-time, credited to the user’s account.
FAQs
1. Is USDT payment available for all SSS services?
Currently, it supports standard contribution payments. Other services may be added later.
2. Are there transaction limits?
Limits align with SSS policies; check Uquid’s platform for specifics.
3. How secure is this payment method?
TON blockchain’s encryption ensures security, and USDT’s 1:1 USD backing minimizes volatility risks.
👉 Learn more about USDT’s global adoption
4. Can non-Filipino residents use this service?
No, it’s exclusively for SSS-eligible Filipino citizens.
Future Implications
This collaboration could pave the way for broader crypto integration in public services worldwide. 👉 Explore Tether’s latest innovations