Tether Enables TON-Based Social Security Payments in PH
  • The Philippines has a contributory social security system (SSS) that provides an important safety net for its citizens.
  • Filipino Now you can pay SSSS contribution Use USDT via Ton Blockchain.
  • this Functionality Available thank you To partnership while Tether and Web 3 Hard U-kid.

Cryptocurrencies are often criticized for being “walled gardens” with limited real-world utility, making them niche services. Critics argue that digital assets exist in an isolated ecosystem and are disconnected from the everyday financial needs of ordinary people. This perception severely hinders the widespread adoption and integration of cryptocurrencies into the mainstream financial system.

However, in a compelling example that challenges this myth, Tether has partnered with “Web3 shopping” company Uquid to enable Filipinos to make contributions to the Social Security System (SSS) via the TON blockchain.

Tether’s USDT Will Have Real-World Impact

In a major advancement for real-world cryptocurrency utility, Filipino citizens can now make SSS payments using the USDT stablecoin on the TON blockchain. This innovative solution was made possible through a collaboration between Tether and Uquid and marks a step forward in integrating cryptocurrencies into everyday financial transactions.

Ukid CEO Tran Hung Using the announcement Hung emphasized that Uquid “stands out by prioritizing user demand over profit maximization,” and highlighted the cost-effectiveness of using stablecoins on the TON blockchain.

Founded in 2016 Coventry, United Kingdom., Uquid positions itself as a Web3 infrastructure company for both digital and brick-and-mortar shopping. The company’s approach brings together e-commerce and decentralized finance (DeFi), creating a bridge between the worlds of online shopping and cryptocurrency. Additionally, Uquid NFT MarketplaceFurther expanding our footprint in the digital assets space.

Tether’s USDT stablecoin is currently available on 16 different blockchains, with the TON blockchain being the latest addition as of April 19. Tether will be phasing out support for Algorand and EOS, citing a shift in focus to “community-driven blockchains.”

The cost of using USDT varies from blockchain to blockchain depending on the network load and the chain’s gas fee structure. On the TON blockchain, the average transaction Cost of 0.005 ton (About $0.04 at the current TON price). By comparison, the average transaction cost on Ethereum is Approximately $1.70That’s down from a yearly high of $30.33.

SSS Safety Net

The Philippine SSS is comprehensive National Social Insurance System It is designed to protect private sector workers, including those in the informal sector, the self-employed and volunteer members.

This important safety net is designed to provide financial support during life’s events and hardships, and to provide replacement income in the event of illness, maternity, unemployment, disability, retirement or death.

An important aspect of the SSS is its mandatory membership for all overseas Filipino workers (OFWs) working at sea and on land under the age of 60. This requirement is intended to recognize the significant contributions OFWs make to the Philippine economy and to ensure that they receive social security benefits despite working overseas.

The benefits provided by the SSS are designed to be proportional to each member’s contributions, meaning that the amount of benefits paid in applicable circumstances is directly related to the amount and number of contributions a member has made over time.

However, to ensure a basic level of support for all members, SSS has set the minimum monthly payment at 8,000 pesos (about $136).

Back side

  • government More and more attention is being paid to Stablecoins important Payment infrastructure.
  • activation SSSS payment via Cryptocurrency Potentially improve financials Inclusion The unbanked and underbanked FilipinoEspecially for those who work overseas.
  • Toncoin has recently 8th Largest CryptocurrencyIt has overtaken Dogecoin.

Why is this important?

Tether and Uquid’s partnership to enable SSS payments marks an important step towards integrating cryptocurrencies into everyday financial transactions.

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