The old CEO of the Stablecoin Behemoth Tether firm launches his support behind a new USDT rival, according to Bloomberg.
The co-founder of Tether, Reeve Collins, is now president and co-founder of PI Protocol, the manufacturer of a new competitor of the USDT, USP, Bloomberg.
The Stablecoin Pi should be deployed on the Solana (Sol) and Ethereum (ETH) blockchains later this year.
Pi aims to use smart contracts to execute transactions and enter the stablecoin USP, which aims to be supported by obligations and other real performance assets.
The project aims to be more decentralized than other Stablecoin projects, such as the USDT de Tether, giving users a larger piece of the pie, according to the report.
Said Collins on the new Stablecoin,
“I have supported the attachment a lot over the years, it is an extraordinary invention that we have developed …
We consider the Pi protocol as the evolution of stablecoins.
Tether was extremely successful in the presentation of the stablecoins demand. But they keep all the yield. We believe that 10 years later, the market is really ready to evolve. »»
Said CEO of PE, Bundeep Singh Rangar of the new crypto project,
“You want assets not correlated with the crypto which are average at high yield and at low risk.
We have a mechanism that assesses the quality of the asset. These are those who are verified on their loss ratio and their origin from which they come from. »»
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