The former CEO of stablecoin firm behemoth Tether is throwing his support behind a new USDT rival, according to Bloomberg.<\/p>\n
Tether co-founder Reeve Collins is now the chairman and co-founder of Pi Protocol, the maker of a new USDT competitor, USP, Bloomberg reports<\/a>.<\/p>\n The Pi stablecoin is scheduled to roll out on the Solana (SOL<\/a>) and Ethereum (ETH<\/a>) blockchains later this year.<\/p>\n Pi aims to use smart contracts to execute transactions and mint the USP stablecoin, which aims to be backed by bonds and other yield-bearing real-world assets.<\/p>\n The project aims to be more decentralized than other stablecoin projects, such as Tether\u2019s USDT, giving users a larger piece of the pie, according to the report.<\/p>\n Says Collins on the new stablecoin,<\/p>\n \u201cI very much supported Tether over the years, it\u2019s an extraordinary invention that we\u2019ve developed\u2026<\/em><\/p>\n We view Pi Protocol as the evolution of stablecoins.<\/em><\/p>\n Tether has been extremely successful in showcasing demand for stablecoins. But they keep all the yield. We believe 10 years later the market is really ready to evolve.\u201d<\/em><\/p>\n Says Pi CEO Bundeep Singh Rangar of the new crypto project,<\/p>\n \u201cYou want assets that are non-correlated to crypto that are mid- to high yield, low risk.<\/em><\/p>\n We have a mechanism that assesses the quality of the asset. They are ones that are vetted on their loss ratio and origination of where they are coming from.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Featured Image: Shutterstock\/PeachShutterStock\/Natalia Siiatovskaia\/Andy Chipus<\/em><\/span><\/p>\n<\/p><\/div>\n
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