Overview
Richard Heathcote, who served as chief investment officer of Tether Holdings SA, is preparing to sell a portion of his 1.26% equity stake in the stablecoin issuer. He has engaged PJT Partners to advise on the transaction, and discussions with potential buyers are reported to be ongoing. No valuation for the stake has been disclosed by either party.
Background on Tether and Heathcote’s Role
In March, Tether announced that Heathcote would step down from his CIO position to assume an advisory role within the company. Tether is the issuer of USDT, the world’s largest stablecoin, which had $184 billion in circulation at the time of reporting.
Recent Corporate Actions by Tether
Earlier in the year, Tether paused a planned capital raise that could have valued the firm at up to $500 billion while it awaited the results of its first full financial audit. The pause was prompted by investor and banker requests for greater transparency. Late last year, Tether intervened to block certain existing shareholders from conducting their own secondary sale processes, citing concerns that such transactions could undermine the primary fundraising effort.
Approval for Stake Sale
According to sources, Heathcote has now received formal approval from Tether to proceed with the sale of his shares. The company’s consent follows the earlier restrictions on secondary sales and reflects its willingness to allow the former CIO to monetize his holding under the current audit‑pending environment.
Current Status
Potential buyers are being approached, but valuation details remain undisclosed. The sale is being coordinated through PJT Partners, and Tether’s ongoing audit and transparency initiatives continue to shape the broader context of the transaction.