Magic Internet Money (MIM) is a decentralized stablecoin built on the Ethereum blockchain. It aims to maintain a 1:1 peg to the US dollar through its algorithmic design and governance mechanisms. MIM provides users with a stable medium of exchange and store of value within the cryptocurrency ecosystem. Its protocol allows for low fees and fast transactions, making it appealing for various use cases such as payments and decentralized finance (DeFi) applications.