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 manage the transaction, and discussions with prospective buyers are reported to be underway, although no valuation range for the stake has been disclosed.
Recent Corporate Developments
In March, Tether announced that Heathcote would step down from his CIO role and transition to an advisory position within the company. Tether, the issuer of USDT—the world’s largest stablecoin—currently has approximately $184 billion of USDT in circulation.
Prior Capital‑raising Activity
Earlier in the year, Tether halted a planned capital‑raising effort that could have valued the company at up to $500 billion. The pause was attributed to the firm awaiting the results of its first full financial audit, following pressure from potential investors and banks for greater transparency.
Shareholder Sale Restrictions
Late last year, Tether intervened to prevent certain existing shareholders from conducting independent secondary sales, citing concerns that such transactions could undermine the primary fundraising deal. Heathcote has now received explicit approval from Tether’s board to proceed with the sale of his shares.
Transaction Status
The sale process is in its preparatory stage, with PJT Partners coordinating the effort and potential buyers being approached. No timeline for completion or price expectations has been provided in the public disclosures.