FinTech news in currency category

Mossy’s solution for the calamitous sector, a stablecoin called USDTea, is backed by what they claim is America’s most stable asset: cans of AriZona Iced Tea.

The firm did not disclose funding amounts oddly but is sharing that their first round is co-led by a16z Crypto and Paradigm with participation from Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners and Zeev Ventures. Bitcoin’s lightning network allows for cheaper and faster transactions than the base level network allows, making it a more ideal platform to leverage for payments and decentralized apps.