The co-founder of Tether, Reeve Collins, supports a new Stablecoin project which will present competition on the market which he formerly helped in Pioneer.
Stablecoins play an essential role in the cryptocurrency market by providing liquidity and transactional efficiency when exchanging digital assets. They have also become an increasingly popular choice for sending cross -border funds, offering lower costs and faster transactions compared to traditional financial systems. A recent ARK Invest report stressed that Stablecoin transactions reached a value of $ 15.6 billions of dollars in 2024, exceeding both visa and mastercard in total volume.
Collins, alongside Brock Pierce and Craig Sellars, initially developed Tether in 2014 before selling it to Crypto Exchangex operators the following year. Since then, the TETHER USDT has increased from market value less than $ 1 billion to around 142 billion dollars. With the launch of the PI protocol, Collins is entering the Stablecoin space, this time by emphasizing decentralized finance and the generation of elements.
No financial details concerning the launch of the PI protocol has been disclosed, but the project is positioned as an alternative to dominant Stablecoin suppliers. The use of intelligent contracts to facilitate the striking process and the integration of active worlds to save it differential stables. With growing competition in the sector, the PI protocol will have to carve out a space in a market that already experiences rapid changes in domination among key players.
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