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>>Tether's USDT is now an accepted payment method for social security contributions in the Philippines.

Tether's USDT is now an accepted payment method for social security contributions in the Philippines.

crypthub

1/24/2025, 11:46:16 AM

Tether Introduces USDT Payment Option for SSS Contributions in the Philippines

Tether has implemented a new payment method, allowing Filipinos to settle their social security system (SSS) contributions using the stablecoin USDT. This partnership with Uquid, a leading Web3 shopping and infrastructure firm, facilitates these transactions on the TON blockchain, leveraging decentralized commerce and finance.

The Rise of Stablecoins and Their Impact

Stablecoins have gained immense popularity, driving mainstream cryptocurrency adoption due to their efficiency in terms of speed and cost. Initially designed as an entry point for centralized exchanges, they have evolved into essential liquidity providers across both centralized and decentralized markets. Major financial institutions, such as PayPal and Stripe, are integrating stablecoins into their payment systems, indicating a broader shift in the financial landscape.

Stablecoins in Cross-Border Payments and Their Potential Disruption

Beyond domestic transactions, stablecoins are gaining traction for international payments, with PayPal offering a service to convert PYUSD stablecoin balances for global transfers. This development suggests their potential to disrupt traditional financial systems, especially in cross-border transactions.

Institutional and Retail Investor Preferences: A Shift in Holdings

While stablecoins saw a decline in holdings among institutional and retail investors from December to May (42.8% vs 50.2%), Bitcoin remains the top asset for institutions, accounting for 26% of their total assets. The recent approval of Bitcoin Spot ETFs has led to increased institutional Bitcoin holdings while their Ether positions have decreased, indicating a perceived advantage of Bitcoin over Ethereum due to uninclusivity of staking rewards in Ether ETFs. Retail traders proved their market acumen during the March-April 2024 correction, showcasing their ability to time the market effectively.