Tether Partners With Uquid to Enable USDT Payments in Philippines
The launch of a seemingly revolutionary payment method, by Tether, empowers Filipinos to pay their social security system (SSS) memberships through the mobile money transfer applications of fee-based Tether. If the SSS accepts its formal sterilization of money by partnering with Tether, the nation will have to update its SSS system provisions.
As an insurance company that is nowadays managed by the state, the SSS provides help to both formal and informal sector workers. Being a social legislated program, the SSS means to offer financial help at hard times and consistent of course, there is the social security program and the employees’ compensation program executing this purpose.
How the Partnership Works
Tether and Uquid, a prominent Web3 shopping and infrastructure firm, have collaborated to process Tether payments for SSS contributions. on the TON blockchain. Uquid is the go-merchant of the decentralized commerce infrastructure which utilizes blockchain technology, and decentralized finance to provide ways for crypto payments. It has a quarter of a million plus user base that uses its money in different markets. Uquid is the best platform for the uptake of cryptocurrencies in up to the minute transactions; This includes an extensive user base from China, India, and also Mexico that multiplies crypto transaction volumes. In a truly global world, the reach of Uquid already surpasses 250 million merchants and consumers.
The Role of Stablecoins in Mainstream Adoption
It is important to mention that stablecoins have experienced an increased demand in the last period, which is a token for a wider adoption of cryptocurrencies. Stablecoins have really instigated the mainstream acceptance of the concept. Formally, as a way to switch between centralized and decentralized exchanges, stablecoins have evolved to be liquidity providers for both types of exchanges.
Stablecoin supporters claim that their near-instantaneous transactions and low costs make them the best choice for the disruption of the payments sector. PayPal launched the PYUSD stablecoin to enable instant and lower-cost transfers within its payment infrastructure in an attempt to capitalize on stablecoins. In the same manner, Stripe informed merchants on April 25 that they will be able to accept stablecoins for their online transactions. The company is beginning with USDC stablecoin that is available on three blockchains: Solana, Ethereum, and Polygon.
Cross-Border Tether Payments and Institutional Adoption
Additionally, stablecoins are experiencing a formal upward trend for the cross-border payments at the institutional level, which shows their potential to acutalize traditional financial systems. Not long ago, PayPal released a feature that allows a user to convert PYUSD stablecoin from their linked PayPal to USD. Then, they can use it as a funding source that permits them to make money transfers to the recipients in the 160 countries, the company serves worldwide.
Trends in Stablecoin and Cryptocurrency Holdings
According to the report, stablecoin holdings by institutional and retail investors were reduced from 50.2% in December to 42.8% in May. Meanwhile, Bitcoin saw the most significant individual holding of 26% of their total assets ceased with the most popular cryptocurrency. On the one hand, traders like institutions are also displaying a lack of trust with respect to ETH. But still, they are continuing to prefer BTC over this, notwithstanding the fact that ETH Spot ETFs have seen a revival of optimism.
Institutional Preferences
Nevertheless, even though the positions of institutions in BTC and ETH are somewhat more heavily weighted than those of individual or retail traders, with possessions of 39.4% and 20.9% correspondingly in May, the retail and individual investor figures are less important, they have some impressive potential for the whole system. Starting with the SEC’s sanctioning of Bitcoin Spot ETFs in January 2024, institutional Bitcoin it can repeatedly be encountered by “Institutional Bitcoin holdings” in the subsequent text) holdings have been on the rise, whereas they have been somewhat disinvested from Ethers, one of the other key cryptocurrenc. It is evident that organizations whose strategy has involved taking loans of Ethers to stake have to make a painful choice of diminishing their positions in Ether Spot ETFs for the purpose of their not having, staking rewards times.
Considering the fact that retail investors, on the other hand, have demonstrated how efficient they can be in picking the right moment to invest when the stock market experienced the lowest point during March-April 2024. This needs to be voiced again.’. By this, we are not accidentally designed towards the inclusion of the material.
