Reeve Collins, one of the original architects behind Tether USD (USDT), is backing a new yield-bearing stablecoin project called Pi Protocol.
Collins co-founded Tether alongside Brock Pierce and Craig Sellars and served as its first CEO from 2013 to 2015.
According to a Bloomberg News report, the decentralized stablecoin will launch in the second half of 2025 and will initially be available on Ethereum and Solana.
USP is Pi Protocol’s stablecoin, which is minted using smart contracts. The stablecoin will be over-collateralized with assets such as US Treasuries, money-market funds, and insurance products.
Collins said in an interview:
“We view Pi Protocol as the evolution of stablecoins. 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.”
He added that Pi Protocol aims to capitalize on the expanding stablecoin market and the growing role of real-world assets i
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