Reeve Collins, one of Tether's co-founders, has announced plans to launch a new stablecoin in 2025. The project, named Pi Protocol, will operate on the Ethereum and Solana blockchains.
Pi Protocol: A New Take on Stablecoin
The Pi Protocol and its UPS stablecoin present a competitor to Tether, offering yield for holders. Unlike USDT and USDC, which control all proceeds, Pi Protocol uses tokenized real assets to generate passive income.
Comparison with Tether and Other Players
UPS will hold real-world assets like bonds for reserves, similar to Tether's strategy. However, its yield focus may attract other market players.
Reeve Collins' History with Tether and Beyond
Collins founded Tether with Brock Pierce and Craig Sellars, initially leading the company in 2013. After leaving Tether, he engaged in NFT ventures and the gaming industry.
Reeve Collins returns to the stablecoin market with an ambitious project offering a new vision in digital asset management. UPS is slated to launch on Ethereum and Solana by the second half of 2025.
