The previous CEO of stablecoin agency behemoth Tether is throwing his assist 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 studies.
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, comparable 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 preserve all of the yield. We consider 10 years later the market is de facto able to evolve.”
Says Pi CEO Bundeep Singh Rangar of the brand new crypto undertaking,
“You need property which might be non-correlated to crypto which might be mid- to excessive yield, low threat.
We’ve 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.”
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Test Worth Motion
Comply with us on X, Fb and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl will not be funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any losses you might incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please be aware that The Every day Hodl participates in internet affiliate marketing.
Featured Picture: Shutterstock/PeachShutterStock/Natalia Siiatovskaia/Andy Chipus
