ICYMI, the stablecoin is in tatters at the moment, and the chaos that unfolded this week has upset the entire cryptocurrency ecosystem with more than $400 billion in losses from just one coin. In these times of uncertainty, all we can count on is that we can buy a pack of Arizona Iced Tea for 99 cents, the same price the refreshing drink sold for in 1996. (Unofficially) AriZona-backed stablecoin could save the economy Cryptocurrency.
A stablecoin, as the name implies, is supposed to be stable because it tracks the value of another asset – similar to the way gold bullion backed the US dollar in gold standard times.
In the case of TerraUSD (UST), which was previously one of the largest stablecoins that fell from grace this week, each UST coin was supposed to remain equivalent in value to one US dollar. But there were no physical reserves — instead, the group behind the static cryptocurrencies used algorithms and reserves of other cryptocurrencies to manage their price. That system had fizzled out, prompting some floor-holders to withdraw their cash, and before investors knew what had hit them, panic and fear escalated and floor-treasuries were trading as low as nine cents on the dollar. The sudden collapse of UST has resulted in over $400 billion in losses for investors over the past week or so, leaving people wondering, well, More of the stablecoins as a whole.
Mossy’s solution to the heartbreaking sector, a stablecoin called USDTea, is backed by what they claim is the most stable asset in America: AriZona Iced Tea cans. For more than 30 years, AriZona founder Don Vultaggio has been working tirelessly against inflation to keep cost per can at exactly 99 cents, playing hardball with suppliers to keep input costs low and sacrificing his profits for consistency.
As for Moses, you may have seen their work before. The group launched the “Non-Foldable Olive Gardens” project that got them hot due to copyright laws as well as “Blockedchain” NFTs that only Twitter users who have been banned by famed (and quarrelsome) venture capitalist Marc Andreessen can. .
Mossy quietly announced the USDTea stablecoin project on Twitter an hour and a half before all 1,000 tokens they initially offered went on sale. We sat down with Brian Moore, one of the three members of the artist group – another member is Mike Lacher, who recently deployed artificial intelligence harshly judging your musical taste, while the third member has chosen to remain anonymous. Moore lauded us for his (mostly) straightforward and extremely serious interpretation of Mossi’s ambitions to stabilize an unstable world—one can of iced tea at a time.
TC: So, who are you? What is this group trying to save cryptocurrencies with their Arizona iced tea?
BM: We’re a little group called Mossy, and the last three things we made were all 3 Web projects. We created Non-Disposable Olive Gardens, and then we created Blockedchain, an NFT chain that you can only mint if it’s blocked by certain people on Twitter, like Marc Andreesen . And now the most recent one is USDTea, a stablecoin tied to the most stable asset we know on planet Earth, the AriZona Iced Tea.
Can you literally connect your wallet to this and get a token?
Well, first of all, I just got word that out of 1000 we’ve all started with it [after about an hour and a half post-launch]. This is the strangeness of this world. It was the same with the irreplaceable olive gardens, we fired them softly, and then they were gone within 10 hours I think.
AriZona Iced Tea might be $0.99, but what about the gas fee?
The way streaming works is that the fees are not very high. It’s an ERC 20 token. I bought some and thought it was, you know, tiny, like $4 or something from the gas fee. And then, just like any other stablecoin pegged to a currency, you can always switch back in. In that case, you can burn your USDTea and we’ll ship cans of AriZona Iced Tea, because it won’t be supported if we don’t already. So we have our strategic reserves of AriZona Iced Tea to use if people ever want to convert it again.
Do you already have 1,000 tea bags?
We started at 1,000 cans. It may expand in the future. And if we did, I think we’d probably be open to external scrutiny depending on the situation, but right now, we basically have 1,000 cans, and we’ll distribute them as necessary. At the moment we have reserves divided around different locations across the United States
Do these satirical web3 projects make your full time job?
The more we do this, the more it becomes a full-time thing, but I’d say we’re mostly artists.
How many people are you?
We are three people. So we’re pretty…I think the word would be smart. It allows us to make things very quickly. In the case of the destabilization of crypto-currencies, you know, when did it all happen? We are trying to boost the cryptocurrency economy as quickly as possible, and we can only do that with a small team.
Did you think of that idea last week when Tira was falling apart?
exactly. There is something to be said about the stability of stablecoins, right? That’s half the word, stable. And then you think, what’s the most stable thing you can imagine? AriZona Iced Tea, you really can’t beat it.
How can you make money from this, or is making money not the goal?
It doesn’t have to really be the goal, but I think we want to support ourselves at some point. We’re in the interest of doing fun online, and that’s the ultimate goal. If it’s making us money, great, if not, that’s fine too. In the end, we just make interesting things – we make people think, we make them laugh, or, you know, we make their origins stable in canned iced tea.
How do Will be are you earning money?
These are exchangeable assets, so they are meant to be more of a replacement for a coin than for an individual piece of art for example. One USDTea equals one USDTea. None of them is better than the other or more rare than the other. All equal to one can of Arizona Iced Tea.
But to get your tea pack back, you need to pay $20 in fixed processing fee. What are these fees?
This is just literally the logistics of freight. This is not a money-making scheme to make a profit from the transaction, it gives you personal tea assets that you can store on your own site.
On your website, you have the question “What happens when ETH crashes?” , and you say you update ETH/USDTea to match ETH/USD from time to time. what does that mean?
It just means that since the price of Ethereum may change, we want to match that until the price ends up being around 99 cents.
How often will you do that? I imagine you don’t have an algorithm.
No, there is no algorithm yet. That may come in the future – it all depends on how broad we are. We take it one step at a time. This took about ninety minutes of launch time, so once we’ve settled in, we’ll figure out what we need to do.
Terra was clearly the inspiration for this project. Do you have any opinions or opinions about what happened and how Tera handled it?
I think our company speaks through the business itself. We’re here to try to stabilize an unstable world, so I think supporting our assets with new, innovative assets and most importantly… I think these kind of words say all we need to say about this situation.
Would you say you are bullish or bearish on cryptocurrencies?
Are we optimistic? Are we bearish? I don’t know. I think we’re exploring it. We love it as a way to make interesting pieces of art. I don’t think we necessarily have an answer or that we have an animal to assign it to. You could just say anteater, or something like that.