Former Tether CIO Seeks Buyers for Part of 1.26% Tether Stake

Former Tether CIO seeks buyers for stake

Richard Heathcote, the former chief investment officer (CIO) of Tether, is seeking buyers for part of his 1.26% stake in the stablecoin issuer, according to Bloomberg. He is working with investment bank PJT Partners on the planned secondary sale. Bloomberg reported that discussions with potential buyers are ongoing, citing people familiar with the matter. The sale is a personal transaction and separate from any fundraising by Tether. The report did not disclose how much of the stake is on offer or a target valuation. Tether and PJT Partners had not publicly commented on the report.

Heathcote stepped down as CIO in March

Heathcote joined Tether in January 2023, after working as a broker at Cantor Fitzgerald's BGC Group. He stepped down as CIO in March 2026 and moved into a non-executive advisory role. His deputy, Zachary Lyons, took over the company's day-to-day investment management.

Tether paused a $500 billion fundraising plan

The potential sale follows Tether's decision earlier this year to pause plans to raise money at a valuation as high as $500 billion. The company awaits results from its first full financial audit by a Big Four accounting firm. According to Bloomberg, potential investors and bankers had pushed Tether for greater transparency around its finances. A completed stake sale could give an external reference point for the private company's value.

USDT still leads the stablecoin market

Tether remains the largest stablecoin issuer. Its USDT token held a market value of about $184.15 billion (CoinPaprika, 7 July 2026), in line with the roughly $184.3 billion reported for the token. The token traded near $1.00 at that time (CoinPaprika, 7 July 2026). USDT accounts for close to 63% of the total dollar-pegged stablecoin supply.