Guido Cannetti, an athlete from Argentina who competes in the Ultimate Fighting Championship (UFC), the most prestigious mixed martial arts event in the world, revealed that he would receive his entire payment in the stablecoin USDC.
He makes history in Argentina by being the first UFC fighter to get payment in a stablecoin.
Additionally, as per the Bitwage, a forerunner in cryptocurrency, stablecoin, and Bitcoin payroll services with invoicing and benefits offerings. On Vibrant, Guido Cannetti will utilize Stellar Network to get his USDC stablecoin payout.
The Stellar team created the Stellar Network on Vibrant wallet application exclusively for people experiencing inflation in Argentina.
In August, the inflation rate jumped to 78.5% year-over-year, a new high in 30 years, and the month-over-month increase hit 7%, according to official inflation figures issued by Argentina earlier. By the closing of this year, the rate of inflation is predicted to have increased by almost 95%.
The central bank increased interest rates this year by a sum of 3,700 percentage points (or 37%), but is now faced with the problem that “no one dares to save money.”
The stablecoin, according to Canneti, might protect against changes in value and fluctuations in local currencies.
Canneti stated the following in a statement issued by Bitwage:
“I am getting paid in USDC because it is safer for my future.”
The Argentine peso keeps getting weaker as a result of the devaluation because of ongoing inflation (ARS). According to reports, two to three times as many stablecoins are being purchased in Argentina as usual.
According to several rules, it is anticipated that cryptocurrency usage will increase even further in Argentina because cryptocurrencies are considered as a hedge against cyclical economic crises like hyperinflation, recessions, and recurrent currency devaluations.
According to data released in April by Americas Market Intelligence, 51% of Argentine customers have bought cryptocurrencies, with 27% of them doing so on a routine basis, up from 12% at the conclusion of 2021.
Even though the country just banned financial institutions from operating in the cryptocurrency space, Argentines have now been pursuing safety in digital assets.
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