The previous CEO of stablecoin agency behemoth Tether is throwing his help behind a brand new USDT rival, based on 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 good contracts to execute transactions and mint the USP stablecoin, which goals to be backed by bonds and different yield-bearing real-world property.
The challenge goals to be extra decentralized than different stablecoin initiatives, akin to Tether’s USDT, giving customers a bigger piece of the pie, based on the report.
Says Collins on the brand new stablecoin,
“I very a lot supported Tether over time, it’s a unprecedented 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 de facto able to evolve.”
Says Pi CEO Bundeep Singh Rangar of the brand new crypto challenge,
“You need property which might be non-correlated to crypto which might be mid- to excessive yield, low threat.
We have now a mechanism that assesses the standard of the asset. They’re ones which might be vetted on their loss ratio and origination of the place they’re coming from.”
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