tl;dr
Reeve Collins, former CEO of Tether, is now the chairman and co-founder of Pi Protocol, which is launching a new stablecoin called USP. The Pi stablecoin is set to launch on the Solana and Ethereum blockchains and aims to use smart contracts to execute transactions and mint the USP stablecoin. Pi Pr...
Reeve Collins, former CEO of Tether, now supports Pi Protocol's new stablecoin, USP, aiming to rival USDT. The Pi stablecoin is set to launch on the Solana and Ethereum blockchains, utilizing smart contracts and real-world assets. Pi Protocol aims for USP to be more decentralized than Tether's USDT, with a focus on sharing yield with users.
Pi Protocol, chaired and co-founded by Collins, plans to roll out the USP stablecoin on Solana and Ethereum. The stablecoin is designed to be backed by bonds and other yield-bearing real-world assets, prioritizing decentralization to benefit users. Pi Protocol sees its stablecoin as an evolution beyond Tether, aiming for a more equitable distribution of yield to the market.
Pi CEO Bundeep Singh Rangar stresses the importance of non-correlated, mid- to high-yield, low-risk assets vetted for quality. Collins views Pi Protocol as the evolution of stablecoins, aiming to address the market's readiness to evolve beyond Tether's success in showcasing demand for stablecoins while keeping all the yield.
Says Collins, "Tether has been extremely successful in showcasing demand for stablecoins. But they keep all the yield. We believe 10 years later the market is really ready to evolve."
Says Pi CEO Bundeep Singh Rangar, "You want assets that are non-correlated to crypto that are mid- to high yield, low risk. We have a mechanism that assesses the quality of the asset. They are ones that are vetted on their loss ratio and origination of where they are coming from."