Tether launches USDT for Filipino social security contributions

Tether (USDT) has launched a new payment option PhilippinesEnabling citizens to pay their Social Security System (SSS) contributions using USDT, Tether Stablecoin,

The SSS is a state-run social insurance program that supports workers in both the formal and informal sectors, and provides financial aid during hard times. To facilitate this new payment method, Tether partners with UquidA web3 shopping and infrastructure company.

Uquid will enable USDT payments for SSS contributions on the TON blockchain. With a large user base across various markets, Uquid aims to drive the adoption of cryptocurrencies in everyday transactions.

This development comes amid growing interest in stablecoins and their potential role in driving the mainstream adoption of cryptocurrencies. Stablecoins have evolved from being primarily used as an on-ramp tool for centralized exchanges to becoming liquidity providers in both centralized and decentralized markets.

Adoption of Stablecoins by Industry

Some industry participants argue that stablecoins could cause disruption in the payments sector due to their transaction speed and low costs. Various companies in the financial industry are exploring stablecoin implementation.

PayPal introduces its own PYUSD stablecoin to enable transfers within your payments infrastructure, while Stripe announcement Merchants using its platform can accept certain stablecoin payments for online transactions. There is also growing interest in stablecoins for cross-border payments at the institutional level.

However, Recent data suggests Decline in stablecoin holdings among investors. From December to May, stablecoin holdings decreased for both institutional and retail investors. Bitcoin (BTC) It is currently the largest single asset held by these investors.

Institutional investors appear to be preferring bitcoin. Ethereum (ETH)Bitcoin holdings increase following SEC approval Bitcoin Spot ETF in January 2024. Meanwhile, Ethereum’s position among institutional investors has decreased. This trend can be influenced by various factors, including perceptions of investment potential and regulatory developments.

Retail traders, on the other hand, have shown different behavior patterns, especially during recent market movements. Their actions during the March-April 2024 market correction show that they have the ability to adapt to changing market conditions.