Key Takeaways:
Richard Heathcote, Tether's former chief investment officer, is selling part of his 1.26% stake in the stablecoin issuer, working with advisory firm PJT Partners to find buyers, according to people familiar with the matter.
"Discussions with potential buyers are ongoing," a person with direct knowledge of the process said, asking not to be identified discussing private information. The company's board has approved the transaction.
Heathcote stepped down as CIO in March 2026 and moved into a non-executive advisory role, with deputy Zachary Lyons taking over day-to-day investment operations. The stake sale represents a routine liquidity event following his transition away from daily management, the person said. The value of the holding and the portion being sold were not disclosed.
The sale comes as Tether navigates a pivotal period. The company earlier this year shelved plans to raise as much as $20 billion after investors pushed back against a proposed $500 billion valuation. Tether reported full-year profit of more than $10 billion for 2025 and confidentially filed for a US initial public offering in November 2025, though Bloomberg has reported the IPO could be delayed until 2027.
USDT, the world's largest stablecoin by market capitalization, traded at $1.0002 as of 14:00 UTC on July 7, according to CoinGecko data, maintaining its peg with no disruption. The token's market cap stood at approximately $184 billion, representing about 59% of the total stablecoin market, per DefiLlama.
The ownership change at the executive level does not affect USDT's reserve structure. Tether holds the majority of its reserves in US Treasuries and gold, a composition that remains unchanged regardless of shareholder shifts, according to the company's published attestations.
Heathcote's partial exit could open the door for new institutional investors to enter Tether's ownership structure. A clean sale backed by proper due diligence may support the company's push for greater transparency, particularly as it awaits its first full audit from a major accounting firm — a milestone that could shape both the stalled fundraising round and future secondary transactions.
This article is for informational purposes only and does not constitute investment advice.
