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The three artists, nicknamed Mossy, create a new stablecoin backed by America’s no. 1 iced tea brand, AriZona, which has kept the price of a single beverage can at $0.99 since 1996.
A stablecoin implies that its price must be stable because it tracks the value of another asset, as happens with the gold standard. TerraUSD was based on an algorithm in the absence of physical reserves, which led to investor losses of $ 400 billion.
In this regard, the Mossy team decided to create a stablecoin secured by America’s most stable asset in the form of AriZona iced tea, the owner of which Don Vultaggio managed to keep the price of the can stable for 30 years.
Each USDTea is equivalent to one 23-ounce can of AriZona Iced Tea and can be redeemed. Just send us your tokens as well as a fee and we will send you the physical banks of AriZona.
Due to the complexity of the algorithm, our quanta can deliver tea only within the United States, the website of this project says.
In an interview with TechCrunch, dedicated to high-tech companies and startups, Brian Moore from Mossi said that their coin was sold out in less than an hour and a half:
I just received the news that we have completely sold out the 1,000 tokens we started with (about an hour and a half after launch). That’s the weirdness of this world. It was the same with the non-fungible Olive Gardens tokens; we quietly released it and it disappeared within 10 hours.
Apparently, the team worked on this project not in order to make money, but in order to try to “stabilize an unstable world,” as they themselves put it. The white paper of the project indicates the satirical nature of the coin.
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