The previous CEO of stablecoin agency behemoth Tether is throwing his help behind a brand new USDT rival, in accordance 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 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 belongings.
The undertaking goals to be extra decentralized than different stablecoin initiatives, comparable to Tether’s USDT, giving customers a bigger piece of the pie, in accordance with the report.
Says Collins on the brand new stablecoin,
“I very a lot supported Tether through the years, 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 consider 10 years later the market is actually able to evolve.”
Says Pi CEO Bundeep Singh Rangar of the brand new crypto undertaking,
“You need belongings which are non-correlated to crypto which are mid- to excessive yield, low threat.
We’ve got a mechanism that assesses the standard of the asset. They’re ones which are 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
Verify Price Action
Comply with us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Every day Hodl should not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any losses it’s possible you’ll incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please observe that The Every day Hodl participates in affiliate internet marketing.
Featured Picture: Shutterstock/PeachShutterStock/Natalia Siiatovskaia/Andy Chipus
