Argentine athlete Guido Cannetti from the world’s leading mixed martial arts competition Ultimate Fighting Championship (UFC) announced that he would be paid entirely in stablecoin. USDC.

He becomes the first UFC athlete in Argentina to use a stable cryptocurrency as a salary.

According to Bitwage, the world leader in Bitcoin, cryptocurrency and stablecoin payroll with billing services and benefits services. Guido Cannetti will receive his USDC stablecoin payment via the Stellar Network on Vibrant.

Stellar Network on Vibrant is a wallet app developed by the Stellar team specifically for Argentinians experiencing inflation.

According to official inflation data released earlier by Argentina, the inflation rate in August shot up to 78.5% year-on-year, a new high in 30 years, and the monthly increase reached 7%. The inflation rate is expected to rise to almost 95% by the end of this year.

The central bank has raised interest rates a total of 3,700 basis points (37%) this year but has fallen into the dilemma that “nobody dares to save”.

Canneti said the stablecoin could hedge against local currency fluctuations and depreciation.

In a statement released by Bitwage, canneti said that:

“I get paid in USDC because it is more secure for my future.”

Due to persistent inflation, the devaluation continues to weaken the Argentine peso (ARS). Argentinians are reportedly buying two to three times the normal amount of stablecoins.

Depending on different regulations, cryptocurrency adoption is expected to continue to increase in Argentina, as cryptocurrencies are seen as a hedge against cyclical economic crises such as hyperinflation, recessions, and repeated currency devaluations.

51% of Argentinian consumers have purchased cryptocurrency, with 27% of them buying crypto on a regular basis, up from 12% at the end of 2021, according to April statistics from Americas Market Intelligence.

Argentines have been seeking refuge in digital assets, despite the fact that the country recently halted crypto operations by financial institutions.

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