Tether Co-Founder Reeve Collins Backs New Stablecoin Project Pi Protocol as USDT Rival

The former CEO of stablecoin firm behemoth Tether is throwing his support behind a new USDT rival, according to Bloomberg.

Former CEO of crypto stablecoin behemoth Tether is now backing a new rival to USDT, Bloomberg reports.

Reve Collins, who co-founded Tether, is now the chairman and co-founder of Pi Protocol, the creator of USP, a new competitor to USDT, according to the report.

The Pi stablecoin is set to launch on the Solana (SOL) and Ethereum (ETH) blockchains later this year.

Pi will reportedly use smart contracts to carry out 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 share of the profits, the report says.

Speaking about the new stablecoin, Collins said,

“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 incredibly successful in showing demand for stablecoins. But they keep all the yield. We think 10 years later the market is really ready to evolve.”

And Pi CEO Bundeep Singh Rangar said 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 evaluates the quality of the asset. Those are the ones that are vetted on their loss ratio and origination of where they are coming from.”

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