In a groundbreaking move that further integrates cryptocurrency with professional sports, the MoonPay X Games League (XGL) is set to launch its inaugural Summer Draft, offering athletes signing bonuses in XO Cash, a new USD-backed stablecoin developed by Exodus. This initiative represents a notable shift in how athlete compensation is structured, positioning stablecoins as a legitimate method for signing bonuses.
A total of 40 athletes selected during the draft will receive a signing bonus of $2,500 in XO Cash, which will be directly deposited into their Exodus Wallets. XO Cash, secured by fully reserved USD, is issued and managed by MoonPay and operates on M0’s open stablecoin infrastructure. This pilot program underscores the growing intersection between digital assets and professional athlete remuneration.
In addition to the bonuses, the athletes will be provided with a custom MoonPay XGL Exodus Card. This card is linked directly to their Exodus accounts, allowing the athletes to spend their funds globally, reflecting a shift towards more flexible financial tools for athletes with international careers. JP Richardson, CEO and Co-Founder of Exodus, emphasized the need for global payment solutions in today’s athlete landscape. He noted that athletes often require payments that can seamlessly traverse international boundaries, highlighting the unique advantages of using stablecoins.
The launch of the MoonPay X Games League signifies a pivotal change for the X Games, transforming it from a series of individual competitions into a structured, team-based global league. This new format introduces organized salaries, benefits, and ongoing competitions, aligning more closely with traditional sports league models. The Summer Draft, scheduled for March 12, 2026, marks the initial step in this ambitious transition.
Ivan Soto-Wright, CEO and Founder of MoonPay, reflected on the partnership, asserting that both the X Games and the realm of cryptocurrency share a commitment to innovation and disruption of traditional systems. He articulated that the collaboration aims to redefine both sports and finance, paving the way for fresh approaches and opportunities in action sports.
Furthermore, XO Cash is set to act as a liquidity layer for Exodus Pay, an upcoming self-custodial payments platform slated for launch in the second quarter of 2024. This platform is designed to facilitate instant payments, allow users to spend their assets via a card, earn rewards, and access everyday financial services while maintaining control over their assets through self-custody. The signing bonuses issued to athletes represent an early, practical application of this innovative payment framework.
In a related development earlier this year, at X Games Aspen, MoonPay made headlines by matching the gold medal winnings of snowboarder Mark McMorris in cryptocurrency, marking him as the first X Games athlete to receive prize money in digital assets. This Summer Draft initiative builds on that precedent, suggesting a continuing trend of crypto’s deepening role in the financial infrastructure of professional sports.
As digital currencies steadily progress towards mainstream integration in real-world payments, initiatives like the MoonPay X Games League could signify a transformative phase for how athletes are compensated and manage their earnings on a global scale. The convergence of cryptocurrency and sports not only enhances financial flexibility for athletes but could also redefine conventional practices in athlete remuneration moving forward.
