Three artists, nicknamed Mossy, have created a new stabelcoin backed by America’s number one iced tea brand, AriZona, which has held the price of one can of the beverage at $0.99 since 1996.
Stablecoin implies that its price must be stable because it tracks the value of another asset, as it does with the gold standard. TerraUSD was based on an algorithm with no physical reserves, resulting in $400 billion in losses for investors.
Consequently, Mossy’s team decided to create a Stablecoin backed by America’s most stable asset in the form of AriZona iced tea, whose owner Don Wultaggio managed to keep the jar price stable for 30 years.
Each USDTea is equivalent to one 23 oz. can of AriZona Iced Tea and is redeemable. Just send us your tokens as well as the fee and we’ll send you the physical cans of AriZona.
Because of the complexity of the algorithm, our quants can only deliver tea within the United States,” this project’s website says.
In an interview with TechCrunch, a resource devoted to high-tech companies and startups, Brian Moore of Mossy stated that their coin was sold out in less than an hour and a half:
I just got word that we completely sold out of the 1,000 tokens we started with (about an hour and a half after launch). That’s the weirdness of this world. The same thing happened with Olive Gardens’ non-replaceable tokens; we quietly released it, and it was gone within 10 hours.
Apparently, the team wasn’t working on this project to make money, but to try to “stabilize an unstable world,” as they themselves put it. The project’s technical document indicates the satirical nature of the coin.