Reeve Collins, co-founder of Tether, is backing Pi Protocol, a decentralized stablecoin project set to launch on Ethereum and Solana in late 2025. Pi Protocol aims to introduce USP, a yield-bearing stablecoin backed by tokenized real-world assets like U.S. Treasuries. Users can mint USP by exchanging USI tokens, which generate returns from these assets. This initiative seeks to challenge established stablecoins such as Tether's USDT and Circle's USDC by offering an income-generating alternative. Collins believes that yield-bearing stablecoins will attract increased investor interest, providing a new avenue for passive income in the crypto space.