Tether Enables USDT SSS Contributions in the Philippines

• Tether and Uquid enable Philippine citizens to make SSS contributions using USDT on the TON blockchain.
• House Bill No. 658 aims to create a clear regulatory framework for blockchain technology in the Philippines.
• The Philippines ranks third globally in meme coin interest, making it Asia’s top “crypto degen nation.

Tether, in partnership with Web3 shopping and infrastructure firm Uquid, now allows Philippine citizens to make SSS contributions using USDT on the TON blockchain. This project, especially for the government and social services, is a step toward incorporating cryptocurrencies into everyday financial transactions.

In the Philippines, the state manages the Social Security System (SSS), which is an insurance scheme. It serves employees across official, informal, and private sectors. This system provides critical support during challenging times through two main programs: social security and employee compensation.

The Philippine crypto regulation scene is undergoing substantial changes. Recently, representatives from Bitskwela, a blockchain education grassroots initiative, confirmed their involvement in a government technical working group. This group is focused on developing frameworks to guide blockchain and crypto regulation in the country.

Regulatory Advances and Government Initiatives

House Bill No. 658, known as the Blockchain Technology Development Act, authored by Congressman Joey Maceda, lays down the basic regulatory framework for the sector. With the passage of this bill, the Philippines will have a defined legislative framework for blockchain technology.

Additionally, the Philippine Department of Information and Communications Technology (DICT) announced the eGov chain, a new government blockchain. One of the key reasons for its growing use and popularity is the technology’s unchangeable nature.

DICT Undersecretary David Almirol stated that they aim to establish a second node by year-end with private-sector support. Additionally, they plan to launch a third node next year, making the Philippines one of the first countries to implement a government blockchain.

Rising Interest in Crypto and Blockchain

Besides regulatory advancements, the Philippines has seen a surge in interest in cryptocurrencies. According to a report from CoinGecko, the Philippines ranks third globally, after the US and UK, in interest in meme coins. This makes it the top “crypto degen nation” in Asia, with a 5.07% traffic share to platforms like GeckoTerminal, DEX Screener, and DEXTools.

Consequently, this growing interest, combined with supportive regulatory frameworks, positions the Philippines as a burgeoning hub for crypto and blockchain innovation. The integration of USDT for SSS contributions is just one example of how digital currencies are becoming a part of everyday financial activities in the country.

Tether’s new initiative and the Philippines’ proactive stance on blockchain regulation are significant developments. These efforts highlight the potential for digital currencies to transform financial transactions and government services.