Ex-Tether CEO teases new stablecoin to contend USDT dominance

Reeve Collins, one of the original co-founders of Tether, plans to launch a stablecoin on Ethereum and Solana by the second half of 2025.

Collins has unveiled the Pi protocol and its stablecoin ups as a potential rival to Tether (USDT), a token that expanded his initial idea when he was CEO of the company.

Unlike the USDT and Circle USD part (USDC), when the issuers control all the benefits, the Pi protocol of Collins presents the new stablecoin as an asset providing the yield. The token should operate in a similar way to other emerging market players such as Ethena, using tokenized real world assets to generate passive income.

According to BloombergUPS will hold Rwa as obligations for its reservations. Tether uses a similar strategy through its massive assets of American treasury bills.

The merchants surrounding UPS will win Usi as a yield, while the PI governance structure revolves around the USPI token. The former CEO of Tether said that holders of governance tokens would receive part of PI income. The Pi protocol will first launch up up on Ethereum and Solana by the second half of 2025, Collins said in an interview.

The co-founder of Tether returns to the Stablescoin market

The Stablecoin and the Tether group were co-founded by Collins, Brock Pierce and Craig Sellars four years after Bitcoin (BTC) made his debut. Collins was the first CEO of Tether since its creation in 2013 until 2015, when the IFINEX group, owners of the Bitfinex Crypto Exchange, acquired the digital payment provider.

The USDT of Tether is now the largest stablecoin, with a market capitalization of $ 141 billion, and is considered a crucial component of the global crypto trading ecosystem. In addition, the attachment reported $ 13 billion in net profits last year.

On the other hand, Collins has since launched a non -bubble token operator and sold a game company that has previously raised $ 70 million. “The decline is still 20/20,” said Collins when he was asked if he regretted leaving Tother.