Some fighters will receive bonuses in ‘stablecoins’ issued by Trump family business World Liberty Financial

Some fighters will receive bonuses in ‘stablecoins’ issued by Trump family business World Liberty Financial

The Ultimate Fighting Championship (UFC) announced on Friday that it will pay bonuses to fighters in a form of cryptocurrency issued by Trump family business World Liberty Financial at the heavily publicized White House mixed martial arts event on Sunday.

The development connects the Trump family’s financial interests to the high-profile UFC competition being promoted on government property. The competition on the south White House lawn is scheduled for 14 June, Donald Trump’s birthday.

The UFC said some fighters will receive bonuses in World Liberty Financial crypto called “stablecoins”, whose value is pegged to the US dollar. World Liberty named the currency “USD1”.

  • ryper@lemmy.caEnglish
    14·
    1 day ago

    The UFC said some fighters will receive bonuses in World Liberty Financial crypto called “stablecoins”, whose value is pegged to the US dollar. World Liberty named the currency “USD1”.

    It says the crypto is being used for bonuses. That suggests they are also getting other pay, hopefully with actual money.

    “This sounds like advertising,” Todd Phillips, an expert in crypto at the Klaros Group, told the Guardian. He said “Paying the fighters in the USD1 stablecoin would have the same economic function as writing them a check but announcing to the world they are doing it in USD1 sounds like they are adverting to the world that USD1 is out there and that it is connected to the UFC and the White House.

    • santa@sh.itjust.works
      5·
      1 day ago

      I hope they aren’t getting paid with our money. Maybe you don’t care how they are paid, but this is ridiculous.