The Magic Internet Money (MIM) is a USD pegged stable coin that is backed by ibTKNs.
MIM tokens are minted by the multisig holders on Ethereum, and only after being collateralised they are injected into circulation. For each collateral you decide to deposit, the amount of MIM is determined by two factors. The Loan to Value ratio (LTV) is one, and the initial maximum MIM allocation to that collateral is the other.
Note: Bitfinex supports ERC-20 based MIM.