Tether Co-Founder Is Working on Yield-Bearing Stablecoin Rival

One of the original founders of Tether is backing a new stablecoin project — one that will compete with the world’s most traded cryptocurrency.

Reeve Collins, who along with Brock Pierce and Craig Sellars launched precursor to the original stablecoin, served as Tether’s first chief executive officer from from 2013 to 2015. He is chairman and co-founder of Pi Protocol. The so-called decentralized project is expected to debut on both the Ethereum and Solana blockchains in the second half of this year or sooner. No financial terms were disclosed.