Reeve Collins, co-founder of Tether, will launch a yield-bearing stablecoin on Ethereum and Solana in 2025, backed by tokenized real estate and other real assets.
A New Rival Stablecoin for Tether
Reeve Collins, co-founder and former CEO of Tether, is preparing to launch a yield-bearing stablecoin under the Pi Protocol. Unlike Tether’s USDT, which is backed by the dollar without generating returns, this new asset promises holders income from tokenized real estate and other real world assets. The launch is scheduled for the second half of 2025 on the Ethereum and Solana blockchains, according to Bloomberg.
A New Generation of Stablecoins
The Pi Protocol is part of a new wave of stablecoins, such as Ethena’s sUSDe and M^0, which leverage tokenized assets to generate returns. This model differs from traditional stablecoins like USDC and USDT, or the algorithmic stablecoin DAI, which simply mirror the value of the dollar. While details about the yield generation remain unclear, examples like Ondo’s USDY, offering 4.35% annual returns on tokenized US Treasury bonds, give an idea of the intended direction.
Yield-Bearing Stablecoins: A Thriving Market
With $4.5 billion in market capitalization, sUSDe currently dominates the yield-bearing stablecoin market, followed by MakerDAO’s sDAI and BlackRock’s BUIDL fund. The arrival of Pi Protocol could disrupt this balance and offer investors a new option on Ethereum and Solana, two of the most dynamic blockchains in the ecosystem.
A Remarkable Comeback for Tether Co-founder Reeve Collins
Reeve Collins is no stranger to success. After co-founding Tether in 2013 with Brock Pierce and Craig Sellars, he led the company until 2015, contributing to its massive adoption, particularly through its integration with Bitfinex. Under his leadership, Tether transitioned from Realcoin, launched on the Bitcoin Omni layer in 2014, to the USDT we know today, now the most traded cryptocurrency with a market cap of nearly $142 billion.
Collins didn’t stop at Tether. He co-founded BLOCKv, one of the first NFT platforms, raising $22 million in an ICO in 2017. More recently, he sold his gaming startup, Pala Interactive, for $70 million to Boyd Gaming. His comeback with Pi Protocol could mark a new milestone in the evolution of stablecoins and the crypto ecosystem.
