JAKARTA, RAKYAT NEWS— The CEO of Indodax, Oscar Darmawan, views the implementation of cryptocurrency as a payment option for social security in the Philippines as a revolutionary step in the adoption of stablecoins.

Indodax is the largest cryptocurrency exchange in Indonesia, offering a platform for users to buy, sell, and trade various cryptocurrencies. Established in 2014, Indodax provides services for trading Bitcoin, Ethereum, and other digital assets, catering to both beginner and professional traders. The platform emphasizes security, ease of use, and customer support, and has grown to be a significant player in the Indonesian cryptocurrency market. Indodax also focuses on promoting cryptocurrency education through initiatives like the INDODAX Academy.

“This showcases how blockchain technology can be used for legitimate payments, offering convenience to users. This move is expected to open opportunities for other countries to adopt cryptocurrency technology for various needs,” Oscar stated in Jakarta.

Tether, the world’s largest stablecoin issuer, has partnered with Uquid to introduce a new crypto payment option for Filipino citizens. Now, Filipinos can pay their Social Security System (SSS) contributions using Tether (USDT) on The Open Network blockchain.

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The Social Security System in the Philippines is a state-managed social insurance program serving workers in the formal, informal, and private sectors. It aims to assist citizens during challenging times and comprises two main parts: social security and employee compensation.

This partnership demonstrates how stablecoins like USDT and cryptocurrency technology can simplify, ease, and make daily life more transparent by utilizing decentralized platforms that leverage blockchain technology.

Oscar added, “As more countries begin adopting blockchain technology, it is clear that the role of blockchain in everyday life is becoming more significant. At INDODAX, we are committed to supporting such innovations that promote financial inclusion and provide tangible benefits to society.”

He noted that the adoption of crypto assets, particularly stablecoins, has surged in recent years. Beyond their use as exchange tools in centralized exchanges, stablecoins have now become a primary source of liquidity in both centralized and decentralized markets.

Payment platforms like PayPal have introduced their own stablecoin, PayPal USD (PYUSD), while Ripple plans to launch its stablecoin in early 2025 to meet the growing demand.

“This not only facilitates payments for Filipino citizens but also highlights the importance of partnerships between technology companies and governments in creating a more inclusive financial ecosystem. With wider adoption, it is hoped that more countries will recognize the benefits of using stablecoins in their financial systems,” Oscar added.

In light of these advancements, INDODAX has launched the INDODAX Academy platform, which serves as an educational resource for learning about cryptocurrency from the basics to advanced levels. (Uki Ruknuddin)