According to Cointelegraph, Guido Cannetti, an Argentine Ultimate Fighting Championship (UFC) fighter, has become the country’s first martial arts athlete to receive 100% of his salary in stablecoins, despite rising inflation and Argentina’s worsening economy, according to the crypto payroll provider Bitwage on Monday.
El Ninja returns to the Octagon in the United States on October 1st to battle local fighter Randy Costa. Guido will receive his salary in USDC stablecoin via the Stellar Network via Vibrant, a wallet application designed by the Stellar team exclusively for Argentines battling inflation, according to Bitwage, Cointelegraph noted.
According to official government estimates, inflation in the country was 78.5% in the year through August, while prices rose 56.4% in the first eight months of the year. Argentina’s central bank forecasts 95% inflation for the year, while some private analysts expect 100% inflation in 2022.
“I am being paid in USDC because it is safer for my future,” Cannetti stated in a Bitwage statement, saying that stablecoins will protect him from the volatility and devaluation of local currency.
In April, 51% of Argentine customers polled by Americas Market Intelligence purchased cryptocurrency, with 27% routinely purchasing cryptocurrencies, up from 12% adoption at the end of 2021. The key reason for 67% of respondents’ purchases of cryptocurrencies is inflation protection, Cointelegraph stated.
(With insights from Cointelegraph)
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