Reeve Collins, co-founder of Tether, is launching a decentralized stablecoin called USP that aims to compete with USDT. The stablecoin will be backed by real-world assets and over-collateralized with assets like Treasuries and money-market funds. The project will debut on the Ethereum and Solana blockchains in the second half of 2025. Collins believes that the market is ready for an evolution of stablecoins, and Pi Protocol aims to offer a solution that allows minters to earn yields through the USI token. With regulatory frameworks and increasing competition, stablecoins are expected to become the next trillion-dollar asset class. Tether currently dominates the stablecoin market with a 60% share, followed by Circle's USDC with a 24% share.



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