The previous CEO of stablecoin agency behemoth Tether is throwing his help behind a brand new USDT rival, in keeping with Bloomberg.
Tether co-founder Reeve Collins is now the chairman and co-founder of Pi Protocol, the maker of a brand new USDT competitor, USP, Bloomberg reports.
The Pi stablecoin is scheduled to roll out on the Solana (SOL) and Ethereum (ETH) blockchains later this yr.
Pi goals to make use of sensible contracts to execute transactions and mint the USP stablecoin, which goals to be backed by bonds and different yield-bearing real-world property.
The undertaking goals to be extra decentralized than different stablecoin tasks, corresponding to Tether’s USDT, giving customers a bigger piece of the pie, in keeping with the report.
Says Collins on the brand new stablecoin,
“I very a lot supported Tether through the years, it’s a rare invention that we’ve developed…
We view Pi Protocol because the evolution of stablecoins.
Tether has been extraordinarily profitable in showcasing demand for stablecoins. However they hold all of the yield. We consider 10 years later the market is admittedly able to evolve.”
Says Pi CEO Bundeep Singh Rangar of the brand new crypto undertaking,
“You need property which are non-correlated to crypto which are mid- to excessive yield, low danger.
We’ve a mechanism that assesses the standard of the asset. They’re ones which are vetted on their loss ratio and origination of the place they’re coming from.”
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