Tether co-founder Reeve Collins is launching a new decentralized stablecoin, USP Stablecoin, which is designed to compete not only with Tether, but also with the growing number of other stablecoins in the crypto market. USP Stablecoin will use bonds and other real-world assets to provide users with returns, becoming one of the few stablecoins with yield attributes in the market.
USP The uniqueness of stablecoins: bonds and real-world asset support
Collins is currently serving as the chairman of the Pi Protocol, which plans to launch the USP stablecoin through this protocol, according to Bloomberg on February 18. This decentralized project will rely on the Ethereum and Solana blockchains, support parties to mint USP stablecoins through smart contracts, and use USI tokens as a revenue tool.
Unlike traditional stablecoins (such as USDT, which is pegged to the US dollar), the supporting assets of USP are not limited to fiat currencies. Bonds and real-world assets will be the backing of USP, bringing new ideas to the market: stablecoins are not only tools for preserving value but can also provide returns to holders. This innovation will undoubtedly attract investors looking to earn interest from stablecoins.
Although the name USP suggests it may be pegged to the US dollar, the specific fiat currency peg mechanism has not been disclosed, leaving much suspense in the market.
Tether faces increasing competition.
With the launch of USP, Tether and other mainstream stablecoins will face increasingly fierce competition. The USP stablecoin of the Pi Protocol will join the competitive camp formed by strong rivals such as Tether (USDT), Circle's USDC, Ethena's USDe, and DAI.
According to data from DeFiLlama, at the beginning of 2024, the total market value of the stablecoin market exceeded $225 billion, and this year the growth rate of USDC has exceeded that of Tether (USDT). In addition, Ethena's USDe stablecoin has surpassed DAI to become the third largest stable asset by market value.
The role of stablecoins in the cryptocurrency market cannot be underestimated. They not only provide users with liquidity and trading capabilities for buying and selling digital assets but have also become a popular choice for cross-border remittances, offering a cheaper and more efficient international remittance method than traditional financial systems.
The future of the stablecoin market: trends and application scenarios.
A report from ARK Invest shows that in 2024, the trading volume of stablecoins has reached $15.6 trillion, surpassing the trading volumes of Visa and Mastercard, proving the importance of stablecoins in the global payment system. With more and more application scenarios, stablecoins are not only the pillars of digital asset trading but are also gradually becoming the core of cross-border payments and financial innovation.
As Collins introduces the USP stablecoin into the market, the competition among stablecoins becomes even more intense. Stablecoins with yield features will provide users with more attractive investment options while also promoting further development of decentralized finance (DeFi) and digital currency payment systems. Market fluctuations and innovations may reshape the landscape of cryptocurrency payments and cross-border remittances, bringing more opportunities and challenges for investors.
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