The new cryptocurrency stablecoin USDTea provides its reserves with iced tea

Today, stablecoins have taken a serious hit, and the turmoil that occurred this month sent the entire crypto ecosystem down with tens of billions of dollars in losses thanks to just one token. But that didn’t stop the founders of the new USDTea stablecoin, whose stability is supported by… tea.

«In these turbulent times, the only thing we can count on is that a can of AriZona tea will cost 99 cents — the same price as it has been for the past three decades,» the project authors say. Indeed, the price of the drink has not changed all this time. «We intend to stabilize the fragile cryptocurrency ecosystem by creating a new token backed by a hard asset whose price has remained unchanged for 30 years: AriZona Iced Tea,» say the trio of Mossy artists who founded the project.

While other stablecoins seek to be pegged to the dollar using «dubious algorithms or opaque investment methods,» Mossy «guarantees» its liquidity with a «sweet and tasty liquid.» The ERC20 USDTea token operates on the Ethereum blockchain. To secure its obligations, USDTea will start operations with an initial number of 1000 tokens and then gradually increase its reserves.

Brian Moore (one of the founders of the art association) said in an interview with TechCrunch that the project’s token was sold out in about an hour and a half, which he explained by «the strange world around us.»