In a groundbreaking move for athlete compensation in the realm of action sports, MoonPay, the Title Partner of the newly established MoonPay X Games League (XGL), has announced that athletes participating in the league’s inaugural Summer Draft will receive signing bonuses in Exodus Movement, Inc.’s new stablecoin, XO Cash.
Under this innovative arrangement, a total of 40 athletes will each be awarded $2,500 in XO Cash, which will be instantly deposited into their Exodus Wallets. This initiative represents one of the first instances of professional athletes being rewarded with signing bonuses entirely in stablecoins, a significant shift in the financial landscape of sports.
XO Cash is a USD-backed stablecoin issued by MoonPay and built on M0’s stablecoin infrastructure. This stablecoin is designed to provide liquidity for Exodus Pay, a self-custodial payments platform set to launch in the second quarter of the year. The platform will enable users to execute instant payments, utilize a card for spending, earn rewards, and access essential financial tools.
In addition to their signing bonuses, the athletes will receive a bespoke MoonPay XGL Exodus Card linked directly to their Exodus accounts. This feature offers immediate access to their funds, allowing for seamless spending globally.
JP Richardson, CEO and Co-Founder of Exodus, emphasized the flexibility that this initiative offers athletes. “Athletes have global careers and they need payments that work across borders just like they do,” he noted. By enabling athletes to receive payments instantly and hold them in their own wallets, the partnership aims to modernize compensation for athletes from the ground up.
The MoonPay X Games League marks a revolutionary evolution of the X Games, transforming it from a series of standalone competitions into a global, co-ed, team-based league. This format not only introduces structured athlete compensation but also expands financial opportunities within the sport.
Ivan Soto-Wright, CEO and Founder of MoonPay, expressed his excitement about the partnership, likening the X Games’ challenge to legacy systems to crypto’s disruption of traditional finance. “The future of money is crypto, and it’s only natural that one of the most forward-thinking leagues globally is embracing digital assets as part of athlete rewards,” he said.
This initiative builds on MoonPay’s earlier efforts to integrate digital currencies into the X Games. Notably, during the X Games Aspen, MoonPay matched athlete Mark McMorris’s gold medal winnings in crypto, making him the first to receive prize money in digital assets.
The inaugural Summer Draft for the MoonPay X Games League is taking place today, marking an exciting new frontier for athletes in action sports.
As the X Games continues to redefine action sports, its partnership with companies like MoonPay and Exodus highlights the growing intersection of digital assets and athlete compensation, paving the way for a more modern financial future in sports.
