Using Tether (USDT) to Pay Social Security System in the Philippines
Tether has introduced a new way for citizens in the Philippines to pay for the Social Security System (SSS) using the stablecoin USDT. This service, which is managed by the State, handles social security and employee compensation. The partnership between Tether and Uquid has made this new payment option possible. Now, citizens can make transactions on The Open Network using USDT.
Adoption of USDT for SSS Contributions in the Philippines
The Social Security System in the Philippines is a mandatory social insurance program that caters to workers in various sectors, including official, informal, and private. By allowing the use of Tether’s stablecoin USDT, this payment method is now fully recognized in the country. Uquid, a prominent infrastructure in the decentralized sector utilizing DeFi and blockchain, has played a significant role in expanding the adoption of USDT.
The Rise of Alloy by Tether: A Gold-Based Stablecoin
Aside from the extensive adoption of USDT, Tether has recently introduced a new stablecoin called Alloy. This stablecoin is backed by gold and pegged to the US dollar, with the symbol aUSDT. Unlike Tether Gold (XAUT), aUSDT is over-collateralized in gold, ensuring that the value of the gold reserves exceeds the total value of aUSDT tokens in circulation.
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