The previous CEO of stablecoin agency behemoth Tether is throwing his help behind a brand new USDT rival, in line 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 stories.
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 mission goals to be extra decentralized than different stablecoin initiatives, akin to Tether’s USDT, giving customers a bigger piece of the pie, in line with the report.
Says Collins on the brand new stablecoin,
“I very a lot supported Tether over time, 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 maintain all of the yield. We imagine 10 years later the market is actually able to evolve.”
Says Pi CEO Bundeep Singh Rangar of the brand new crypto mission,
“You need property which can be non-correlated to crypto which can be mid- to excessive yield, low threat.
We now have a mechanism that assesses the standard of the asset. They’re ones which can be vetted on their loss ratio and origination of the place they’re coming from.”
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