In the grand theater of cryptocurrency, where fortunes are made and lost faster than one can say “blockchain,” Reeve Collins, a man of many hats and even more ambitions, has decided to don yet another. This time, he teases the world with a new stablecoin, set to grace the Ethereum and Solana networks by the second half of 2025. Ah, the suspense! 🎭
Collins, the original co-founder of Tether, has unveiled the Pi Protocol and its UPS stablecoin, which he claims will rival the mighty Tether (USDT). One can only imagine the dramatic flair with which he presented this news, perhaps with a flourish of his cape and a twinkle in his eye. After all, USDT was merely an expansion of his initial brainchild during his reign as CEO. How quaint! 😏
Unlike the illustrious USDT and the ever-so-serious USD Coin (USDC), where the issuers keep all the spoils, Collins’ Pi Protocol offers a twist: a yield-bearing asset! Yes, you heard it right! It’s like finding a hidden treasure in a sea of digital coins. The token is expected to operate in a manner akin to other emerging market players, such as Ethena, which uses tokenized real-world assets to generate passive income. Because who doesn’t want to earn money while sipping tea? ☕💸
According to the ever-reliable Bloomberg, UPS will hold RWAs like bonds for its reserves. Tether, in its infinite wisdom, employs a similar strategy, hoarding U.S. Treasuries like a dragon with its gold. 🐉💰
Traders who mint UPS will earn USI as yield, while the governance structure of Pi revolves around the USPi token. Collins, in a moment of sheer generosity, stated that governance token holders would receive a share of Pi’s revenue. How noble! Pi Protocol is set to launch UPS on Ethereum and Solana by the second half of 2025, as Collins revealed in an interview, likely while sipping a fine vintage. 🍷
The Return of the Prodigal Stablecoin Co-Founder
Let us not forget that Tether’s stablecoin was co-founded by Collins, Brock Pierce, and Craig Sellars, four years after the birth of Bitcoin (BTC). Collins was Tether’s first CEO from its inception in 2013 until 2015, when the iFinex group, owners of the Bitfinex crypto exchange, swooped in like a hawk. 🦅
Now, Tether’s USDT reigns supreme as the largest stablecoin, boasting a market capitalization of $141 billion. It is considered a vital cog in the global crypto trading machine. Tether even reported a staggering $13 billion in net profit last year. Talk about a cash cow! 🐄💵
Meanwhile, Collins has ventured into the world of non-fungible tokens and sold a gaming firm that previously raised $70 million. When asked if he regretted leaving Tether, he quipped, “Hindsight is always 20/20.” Ah, the wisdom of hindsight, a luxury we all wish we had! 🤷♂️
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2025-02-18 22:36