Reimagining stablecoins: how Pi Protocol lets you mint and earn without giving up control

Stablecoins have found their place in the global financial system. But there's a catch—most of the upside is captured by centralized entities, not the users.

In this episode of Web3 with Sam Kamani, I sat down with Bundi Singh Ranga, co-founder of Pi Protocol, to discuss a bold new direction for stablecoins. We explore how Pi allows users to mint stablecoins using tokenized U.S. treasuries—while keeping the yield. The goal? A decentralized system that flips the current model, avoids regulatory friction, and unlocks financial inclusion for underserved markets.

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The problem with today’s stablecoins

Tether reportedly earned over $13 billion in 2023. But where does that money come from?

When you deposit dollars to mint USDT, Tether buys U.S. treasuries and collects the interest. You get stability—but none of the upside.

This is where Pi Protocol comes in.

Pi Protocol’s value proposition

Pi separates principal from interest, allowing users to:

• Mint stablecoins by depositing tokenized U.S. treasuries
• Retain access to their yield
• Use smart contracts to keep everything on-chain and permissionless

As Bundi puts it: “You get the utility of a stablecoin—without giving up the financial benefit.”

The system mints two tokens:

• P (Principal): A stablecoin you can spend, like USDC
• I (Interest): A yield-bearing token you hold, redeemable at maturity

It’s a deceptively simple model with powerful implications.

Why this matters

Decentralized from day one: Pi avoids central minting authorities—meaning no single point of failure.
Regulatory resilience: By avoiding pooled interest and speculative yield strategies, Pi sidesteps common securities issues.
Global south-first: With remittance corridors and unbanked populations in mind, Pi aims to be usable and beneficial in real-world contexts—not just DeFi playgrounds.

Technology and traction

• Built on Solana and Ethereum
• Testnet is live now
• Open for developers, contributors, and early users
• Backed by one of Tether’s original co-founders

They’re moving fast—and building for a future where stablecoins actually serve the people using them.

Try the testnet → https://www.pi-protocol.io/#/
Follow Pi Protocol → Twitter | LinkedIn

Final thoughts

Pi Protocol isn’t just another stablecoin project. It’s a rethinking of who should benefit from monetary infrastructure. If stablecoins are the bridge between TradFi and crypto, then Pi is paving a new lane—one where the yield doesn’t disappear into the hands of centralized giants.

As Bundi says, “we’re just at 0.0002% of the real stablecoin market.” There’s a long road ahead. But the foundation looks promising.

Want to help build it? Now’s the time.

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