Cryptocurrency firm Bitwage announced on Monday that Argentine Ultimate Fighting Championship (UFC) fighter Guido Cannetti is now the first martial artist in the country to receive 100% of his salary in stablecoins amid rising inflation and a deteriorating economy in Argentina.
Nicknamed the Ninja, he returns to the Octagon on October 1 in the US to face local fighter Randy Costa. According to Bitwage, Guido will receive payment in US dollar (USDC) stablecoins via Stellar Network on Vibrant, a wallet app designed for inflation-stricken Argentines.
According to official data from the authorities, inflation in the 12 months to August inclusive in the country amounted to 78.5%, and prices for the first eight months of the year rose by 56.4%. Argentina’s central bank has forecast an inflation rate of 95% for this year, while some private analysts have predicted an inflation rate of 100% in 2022.
“I get paid in US dollars because it is more secure for my future,” Canetti said in a statement issued by Bitwage, noting that stablecoins will save him from volatility and devaluation of the local currency.
Among Argentine consumers surveyed by Americas Market Intelligence in April, 51% were regular buyers of cryptocurrencies and 27% were regular buyers of cryptocurrencies, up from 12% by the end of 2021. Inflation protection is the main reason for 67% of survey respondents They buy cryptocurrency.
The prices of the stablecoins pegged to the US dollar rose in July after the sudden resignation of Martin Guzman as Argentina’s Minister of Economy. His fiscal policy, aimed at reducing the budget deficit and tightening monetary policy, sparked controversy in the Argentine government. According to the DolarHoy website, the exchange rate on the country’s black market is 287 pesos to the US dollar.