Former Tether CEO is developing the revenue oriented stablecoin project Pi Protocol, which is expected to be launched in the second half of this year

According to Bloomberg, Reeve Collins, one of the original founders of Tether, is launching his own stablecoin. Collins' Pi Protocol will provide holders with potential returns from tokenized real-world assets. This is different from early stablecoins such as USDT and USDC pegged to fiat currencies, as well as algorithm supported DAI, which only tracked the value of the US dollar. The stablecoin protocol will be launched on Ethereum and Solana blockchain in the second half of 2025. It is not clear how the stable currency will generate income, however, some existing tokens will be distributed through the income generated by token based "real world assets" (such as US treasury bond bonds). It is reported that Collins served as the CEO of Tether from 2013 to 2015 after co founding the company with Brock Pierce and Craig Sellars.