Tether, a leading stablecoin issuer, has announced a new service in partnership with the Web 3.0 e-commerce platform Uquid in the Philippines. This service will allow payments to be made to the Social Security System (SSS) using USDT stablecoins issued on the TON blockchain. Tether added support for the TON blockchain for USDT in April of this year, and by the end of June, the volume of stablecoins in circulation on this network had already exceeded $500 million.
Uquid and Tether Partnership in the Philippines
Uquid, one of the largest decentralized e-commerce platforms, actively utilizes DeFi and blockchain technologies to process cryptocurrency payments. Over the past eight years, the platform has attracted over 260 million users. In late June 2024, Uquid, in collaboration with Tether, launched a new marketplace on its platform called 1USDT Store. This marketplace is designed to promote the use of stablecoins in everyday payments, offering digital and physical goods priced at no more than 1 USDT.
Uquid’s CEO, Tran Hung, noted that the partnership with Tether marks an important step towards integrating digital currencies into everyday transactions, fostering the development of cryptocurrency micro-payments. In the Philippines, the Social Security System (SSS) provides state insurance services for employees in both the public and private sectors. Thanks to this new initiative, local residents will be able to pay their contributions in USDT based on TON through the Uquid platform.
NFT Sales Decline Amid Rise of Meme Coins
According to Henrik Andersson, the investment director at Apollo Crypto, the recent craze around meme coins and the overall negative trend in the cryptocurrency market were the main factors behind the sharp decline in NFT sales, which fell by 44% in the first half of 2024. According to data from CryptoSlam, NFT sales volumes dropped from $4.14 billion in the first quarter to $2.32 billion in the second quarter of 2024.
Andersson notes that the second quarter was particularly tough for the cryptocurrency market as a whole, with Bitcoin prices falling by 15% and significant declines in the quotes of many altcoins. Meme coins, on the other hand, attracted significant attention and capital, taking market share away from non-fungible tokens. On the last day of trading, the volume of meme coin transactions exceeded $3.6 billion, driven by high trader and investor interest in political meme coins and tokens created by celebrities.
The Future of the NFT Sector
Experts express cautious optimism about the future of the NFT sector. While the market’s attention is focused on meme coins, which demonstrate enormous profits estimated in the hundreds of percent, the future of NFTs remains uncertain. Continuing trends in the cryptocurrency industry and changing investor interests could have a significant impact on the further development of this sector.
