Key Takeaways:
- Tether co-founder Reeve Collins is launching Pi Protocol, a decentralized stablecoin project on Ethereum and Solana.
- The protocol will introduce USP, a yield-generating stablecoin backed by bonds and real-world assets.
- Collins previously helped develop Tether (USDT) before selling it in 2015; USDT now has a market value of $142 billion.
Tether co-founder Reeve Collins is re-entering the stablecoin sector with a new decentralized project, Pi Protocol, set to launch on Ethereum and Solana later this year.
As the protocol’s chair, Collins aims to introduce USP, a stablecoin backed by real-world assets such as bonds.
Tether Co-Founder Is Working on Yield-Bearing Stablecoin Rival: BBG
— Tree News (@TreeNewsFeed) February 18, 2025
Users will be able to mint USP in exchange for USI, a yield-bearing token designed to generate returns.
While the name suggests a peg to the US dollar, no specific details have been provided about its fiat backing.
Collins was part of the original team that created Tether in 2014 before selling it to Bitfinex in 2015.
Since then, USDT has grown from under $1 billion to a dominant $142 billion market capitalization.
His return to the sector comes as competition in the stablecoin market intensifies, with decentralized and yield-generating models gaining traction among crypto users seeking alternatives to traditional stable assets.
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