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Reeve Collins, co-founder of Tether (USDT), is re-entering the $233 billion stablecoin market with Pi Protocol, a decentralized, yield-generating stablecoin set to launch on Ethereum and Solana in late 2025.
The project looks to challenge dominant players like Tether and Circle’s USDC by leveraging tokenized real-world assets such as U.S. Treasuries—a model gaining traction with competitors like Ethena, Mountain Protocol, and BlackRock’s BUIDL.
Under his leadership, Tether evolved from Realcoin and established a strong relationship with Bitfinex, which later acquired it. Now, through Pi Protocol, Collins is exploring a new frontier in stablecoin innovation.
Collins, who co-founded Tether alongside Brock Pierce and Craig Sellars, served as its first CEO from 2013 to 2015.
Tether itself remains dominant, reporting $13 billion in net profits in 2024 from government bonds, repurchase agreements, and money market funds. Its market cap stands at $141 billion, reinforcing its role as the most traded digital asset in crypto markets.
This model follows the path of emerging competitors like Ethena’s sUSDe ($4.5B supply) and Mountain Protocol’s USDM (5% yield), alongside BlackRock’s BUIDL fund.
Its Tether Data division is busy developing applications that include AI Translate, AI Voice Assistant, and an AI Bitcoin Wallet Assistant to enhance user engagement and functionality. CEO Paolo Ardoino outlined plans for an open-source AI SDK that will support a variety of devices, signaling a commitment to accessible, versatile technology.
While Reeve Collins plans to launch a new yield-bearing stablecoin, Tether is broadening its scope by advancing its AI initiatives.
Tether’s interest in AI was first signaled in 2023 with an investment in Northern Data Group, a leader in cloud computing and artificial intelligence.
Collins plans to fuse yield with digital tokens, while Tether moves into AI-driven financial tools.
A demo of the AI Bitcoin Wallet Assistant showcased a chatbot managing BTC transactions on its own, while complementary tools focus on translation and voice interactions.