With their most recent bitcoin signing of a local football star, Argentina has made international headlines. One of the biggest soccer teams in Brazil is Sao Paulo, and they recently acquired a player using crypto.
With the aid of USDC, a stablecoin pegged to the US dollar, Sao Paulo was able to sign the player from Banfield, a mid-table Argentine squad. Circle Internet Financial, situated in the US, is the issuer of USDC.
With the use of a stablecoin, midfielder Giuliano Galoppo was transferred from Banfield’s Athletic Club to Sao Paulo Futebol Club.
This deal, which was affected by the Argentine peso’s fluctuating exchange rate, cost between $6 million and $8 million.
This transfer was made possible thanks to a partnership with the Mexican-based crypto exchange Bitso, one of the biggest on the continent.