PANews reported on February 19 that Reeve Collins, one of the original founders of Tether, is launching his own stablecoin, according to Bloomberg. Collins' Pi Protocol will provide holders with possible returns from tokenized real-world assets. This is different from early stablecoins such as USDT and USDC, which are pegged to fiat currencies, and algorithm-backed DAI, which simply track the value of the US dollar. The stablecoin protocol will be launched on the Ethereum and Solana blockchains in the second half of 2025. It is not clear how the stablecoin will generate income, but some existing tokens will be distributed through the income generated by tokenized "real-world assets" such as US Treasuries.

Collins served as CEO of Tether from 2013 to 2015 after co-founding the company with Brock Pierce and Craig Sellars.