Philippines Introduces Tether's USDT for Social Security Payments​​​​​​​

Tether has partnered with Uquid, a financial services platform for crypto and digital payments, to let Philippines residents contribute to social security using USDT. This can be done through the TON Blockchain, as announced on social network X.

Originally known as Telegram Open Network, TON is a blockchain designed to process a high volume of transactions quickly and efficiently. It was created by Nikolai and Pavel Durov, Telegram’s founders. Although Telegram abandoned the project in 2020, independent developers have continued to work on the network. 

–You might find this interesting: Education on Cryptocurrencies: Fundamental Concepts.

Uquid is known for its debit cards that enable spending crypto in both physical and online stores. Additionally, it offers options for paying mobile phone recharges, utility bills, and making purchases in its online marketplace. Uquid boasts an estimated user base of over 260 million. 

“Uquid stands out by prioritizing user demand over maximum profit. Our dedicated research team explores emerging markets to bring the best new products tailored to their needs. Unlike other platforms that hide fees in payments and focus on marketing, Uquid uses stablecoins to keep payment fees minimal”.

–Tran Hung, Uquid CEO.

​​​​​​​Stablecoins have emerged as a key liquidity source in both centralized and Web3 markets. A recent report from Kaiko Research highlighted users in Latin America preferring stablecoins over Bitcoin.​​​​​​​

–To learn more about stablecoins, we suggest checking out this post.

Following the lead of Uquid and Tether, Stripe, the fintech known for its online payment infrastructure, announced in late April that it would resume allowing clients to accept crypto payments after a six-year hiatus. Initially, they will focus on USDC via Solana, Ethereum, and Polygon… The announcement came from the company’s co-founder and president, John Collison.

“Crypto is back… Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat”.

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Further news:

• Kaiko’s Report: Latin American Users Prefer Stablecoins Over Bitcoin.
• Marathon Digital launches Bitcoin mining project to provide heating in Finland.
• Italy is set to implement stricter crypto regulations, as reported by Reuters.
• Turkey Set to Roll Out 0.03% Tax on Crypto Transactions.
• Brazil’s largest bank offers Bitcoin and Ethereum services to all its clients.
• Zimbabwe seeks input to develop a crypto regulatory framework.
• South Korean Agency Suggests Crypto Tax Could Be Postponed or Abolished.
• Deutsche Bank and Bitpanda Forge New Deal to Streamline Crypto Transactions.
• Rwanda is Not Falling Behind: Working on its CBDC.