Reeve Collins, the co-founder of Tether, announced the launch of a new decentralized stablecoin called USP, planned for release on Ethereum and Solana blockchains in the second half of 2025.
New Project by Tether Co-Founder
According to Bloomberg, the Pi project aims to attract the financial world with its new stablecoin designed to compete with existing market leaders. Collins and his partners, who previously managed Tether, expect USP to be a catalyst for the evolution of stablecoins.
USP Technology and Backing
USP will be issued based on smart contracts and backed by high-yield real-world assets such as bonds and treasury securities. These assets will be carefully vetted to minimize risk.
Competition in the Stablecoin Market
Currently, the market is dominated by players like Tether, with a 60% share, and Circle's USDC, which holds 24% of the market. New entrants like USP will face stiff competition in attempting to carve out their positions.
The emergence of the new USP stablecoin could significantly change the competitive landscape in the digital currency market, driving the development of more innovative and sustainable financial products.
