The former CEO of stablecoin firm behemoth Tether is throwing his support behind a new USDT rival, according to Bloomberg.
Tether co-founder Reeve Collins is now the chairman and co-founder of Pi Protocol, the maker of a new USDT competitor, USP, Bloomberg reports.
The Pi stablecoin is scheduled to roll out on the Solana (SOL) and Ethereum (ETH) blockchains later this year.
Pi aims to use smart contracts to execute transactions and mint the USP stablecoin, which aims to be backed by bonds and other yield-bearing real-world assets.
The project aims to be more decentralized than other stablecoin projects, such as Tether’s USDT, giving users a larger piece of the pie, according to the report.
Says Collins on the new stablecoin,
“I very much supported Tether over the years, it’s an extraordinary invention that we’ve developed…
We view Pi Protocol as the evolution of stablecoins.
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 of the new crypto project,
“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.”
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