Tether Co-founder Reeve Collins And Pi Protocol’s New USP Stablecoin: All You Need to Know

Tether has a new rival for its USDT stablecoin and surprisingly, it is the brainchild of its co-founder, Reeve Collins. He has reportedly teamed up with Pi Protocol to launch a new stablecoin which aims to shake things up and challenge USDT’s dominance.

The new stablecoin called USP is slated to take on the likes of USDT, the Tether stablecoin which has had a head start for years. This time Reeves aims to take a different approach with the new stablecoin.

The new stablecoin is part of Collins’ latest efforts to tap into opportunities in the market with a renewed focus on benefitting the community. He will be at the helm of the recently launched Pi Protocol which is heavily focused on community empowerment.

Can Pi protocol compete effectively with the likes of Tether?

Stablecoins have been enjoying supercharged growth over the last 12 months. Tether recently reported some of the highest revenues hence being in the stablecoin business is quite profitable. So, how does Pi Protocol intend to compete with Tether and other stablecoin companies?

Initial reports reveal that the USP stablecoin will target investors looking for yield opportunities. This alone could attract many users and is quite reminiscent of PayPal’s PayUSD stablecoin. The latter achieved aggressive adoption on Solana mainly courtesy of yield farming.

Pi Protocol also intends to make USP appealing through a mix of other factors aside from yield. For example, it will reportedly be backed by real-world assets and bonds. These characteristics appear to target

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Will Pi Network’s plan work?

It is too early to tell if the USP stablecoin will be a success, much less a worthy rival to existing stable coins such as USDC and USDT. The latter has already given Tether a massive lead but the market is large enough to accommodate more competition.

A stablecoin that offers yield can be quite attractive, so the USP has that going for it. This could trigger an initial first wave of adoption which could potentially see it cross the $1 billion marketcap within months if not weeks.

In addition, the rollout campaign has initially kicked off with two of the busiest blockchains. Preliminary information revealed that the stablecoin will be rolled out on the Solana and Ethereum blockchains. This could also speed up its rate of adoption considering that the two blockchains enjoy robust utility.

While it is off to an ambitious start, the USP stablecoin has a long way to go before it can truly challenge its mainstream counterparts. It might be years before Tether gets dethroned from its dominant position in the stablecoin segment. Nevertheless, it will be interesting to see how things play out for Pi Network and USP.