ICYMI, stablecoins are in deep shit right now and the chaos that erupted this week has thrown the entire crypto ecosystem into turmoil with over $400 billion in losses from just one coin. In these times of uncertainty, all we can rely on is that we can buy a can of AriZona iced tea for 99 cents. at the same price for which the refreshing drink was sold in 1996. Mossya team of three techies, believes that (unofficially) Stablecoin backed by AriZona can save the crypto economy.
A stablecoin, as the name suggests, is meant to be stable because it tracks the value of another asset — similar to how gold bars once supported the US dollar during the gold standard.
In the case of TerraUSD (UST), the former one of the largest stablecoins that fell out of favor this week, each UST coin was expected to remain permanently equivalent in value to one US dollar. But there were no physical reserves — instead, the group behind UST used the algorithms and reserves of other cryptocurrencies to drive its price. This system went awryleading some UST holders to withdraw their money, and before investors realized what hit them, panic and fear deepened and UST traded at 9 cents per dollar. The sudden collapse of UST resulted in over $400 billion in losses for investors in the last week or so. leaving people to ask questions well, stability stablecoins in general.
Mossysolution for the distressed sector, stablecoin called USDTea, backed by what they call America’s most stable asset: AriZona iced tea cans. For over 30 years, AriZona founder Don Vultaggio working tirelessly against inflation keeping the cost of each can at exactly 99 cents, playing tough with suppliers to keep production costs down, and sacrificing your profits for consistency.
As for Mossy, you may have already seen their work. The group started the projectNon-interchangeable olive orchardsproject that attracted them some hot water under copyright laws as good as “BlockchainNFTs that can only be minted by Twitter users, who were blocked by famed (and pugnacious) venture capitalist Marc Andriessen.
Mossy quietly announced USDTea Stablecoin Project on Twitter an hour and a half before the sale of all 1,000 tokens they originally staked. We sat down with Brian Mooreone of the three members of the art collective – another member is Mike Lacher, who recently went viral due to his AI, which judge harshly your taste in music, while the third party prefers to remain anonymous. Moore delighted us with his (mostly) deadpan, very serious explanation of Mossy’s ambition to bring stability to an unstable world – one can of iced tea at a time.
TK: So who are you? What is this collective that is trying to save cryptocurrency with AriZona Iced Tea?
BM: We’re a small group called Mossy and the last three things we did were web3 projects. We created non-interchangeable olive orchardsand then we did Blockchain, which was a series of NFTs that you can only mint if you were blocked by certain people on Twitter, such as Mark Andreesen. And now the last one is USDTea, a stablecoin linked to the most stable asset we know on planet Earth, AriZona iced tea.
TC: Can you literally connect your wallet to this and get a token?
BM: Well, first off, I’ve just been informed that we’ve completely exhausted the 1000 we started with. [after about an hour and a half post-launch]. This is the strangeness of this world. It was the same with the non-interchangeable Olive Gardens, we slowly released them, and then they disappeared, I think after 10 hours.
TC: AriZona iced tea might cost $0.99, but what about paying for gas?
BM: The flow works in such a way that the fees are not very high. It’s an ERC 20 token. I bought some and I think it was, you know, negligible, like $4 or something like a gas fee. And then, like any other currency-pegged stablecoin, you can always switch back. In that case, you can burn your USDTea and we’ll ship cans of AriZona iced tea to you because he wouldn’t be backed by that if we didn’t actually do it. So we have a strategic supply of AriZona iced tea to use if people want to convert it back at any given time.
TK: Do you really have 1000 cans of tea?
BM: We start with 1000 cans. This may expand in the future. And if we do that, I think we’ll probably be open to an external audit depending on the situation, but at the moment we have basically 1,000 cans and we’ll distribute them as needed. Right now we have reserves spread across different locations in the US.
TC: Do you make these satirical web3 projects your full-time job?
BM: The more we do it, the more it becomes something more complete, but I would say that we are mostly artists.
TK: How many people are you?
BM: There are three of us. So, we are cute… I think that word would be nimble. This allows us to do things very quickly. In the case of the destabilization of cryptocurrencies pegged to a currency, do you know when all this confusion collapsed? We are trying to support the crypto economy as quickly as possible, and we can only do this with a small team.
TC: Did you come up with this idea last week when Terra was collapsing?
BM: Exactly. There is something to be said for the stability of stablecoins, right? It’s half a word, stable. And then you think, what is the most stable thing you can imagine? AriZona iced tea, you really can’t beat it.
TC: How do you make money from it, or is making money not your goal?
BM: It’s not really necessarily a goal, but I think at some point we want to support ourselves. We are interested in creating interesting work on the Internet, and this is the ultimate goal. If it makes us money, great, and if it doesn’t, then good too. Ultimately, we just do interesting things – make people think, make them laugh, or, you know, stabilize their assets in ice cans.
TK: How would do you make money?
BM: They’re fungible assets, so they’re meant more as a substitute for currency than, say, a standalone piece of art. One USDTea equals one USDTea. There is none that is better than the other or rarer than the other. All of them are equal to one can of AriZona iced tea.
TC: But to redeem your can of tea, you have to pay a flat processing fee of $20. What is this fee?
BM: It’s literally delivery logistics. This is not a money making scheme to profit from a deal, this is to get your personalized tea assets that you can store in your own place.
TC: On your website you have the question “what happens when ETH drops?” and you say you update ETH/USDTea from time to time to match ETH/USD. What does this entail?
BM: It simply means that since the price of Ethereum can change, we want to match it so that the rate ends up around 99 cents.
TS: How often will you do this? I assume you don’t have an algorithm.
BM: No, there is no algorithm yet. This may happen in the future – it all depends on how widely we expand it. We do it step by step. It was about ninety minutes of launch time, so once we’ve stabilized our own situation, we’ll figure out what we need to do.
TK: Obviously Terra was the inspiration for this project. Do you have any opinions or suggestions about what happened and how Terra is dealing with it?
BM: I think our company speaks through the work itself. We are here to try and stabilize a volatile world, so I think securing our assets with a new, innovative and, most importantly, stable asset… I think that says all we need to say about this situation.
TC: Would you say you are bullish or bearish on crypto?
BM: Are we optimistic? Are we bearish? I don’t know. I think we are looking into it. We like it as a medium with which to create interesting works of art. I don’t think we necessarily have an answer or an animal to assign to it. You can just say anteater or something like that.
Credit: techcrunch.com /