Richard Heathcote, former chief investment officer of Tether Holdings SA, is planning to sell part of his 1.26% equity stake in the issuer of USDT, the world's largest stablecoin by circulating supply. The sale process is being managed by Wall Street investment bank PJT Partners, according to Bloomberg, which reported the development citing sources not authorized to speak publicly. Heathcote stepped down as CIO in March and transitioned to a non-executive advisory role, with no buyer or sale price disclosed as discussions remain ongoing. Tether has historically disclosed almost nothing about its capitalization table or executive equity positions, making this the first potential market-validated data point on ownership valuation below the founder level. The move comes after Tether reported full-year profit exceeding $10 billion for 2025 and scaled back earlier fundraising plans that faced investor resistance to a proposed $500 billion valuation.
Heathcote Plans Partial Sale of 1.26% Tether Stake via PJT Partners
Heathcote is working with PJT Partners to find buyers for a portion of his holding in the San Salvador, El Salvador-based company, with discussions reportedly underway. Neither a final price nor a named buyer has emerged publicly, and sources declined to discuss the company's potential valuation. The sale is being conducted through a recognized Wall Street advisory firm rather than a private bilateral arrangement. Tether Holdings SA has historically disclosed almost nothing about its capitalization table, including who owns what percentage at what value and under what terms. The company rarely offers detailed information on equity stakes held by its executives.
Tether Announces Leadership Transition in March
Heathcote's Transition to Advisory Role
Tether confirmed in March that Heathcote was stepping down as CIO to move into a non-executive advisory role. During his tenure as CIO, Heathcote oversaw the reserves backing USDT, a function central to the stablecoin's credibility and operational integrity. He also reportedly steered an investment strategy that extended into soccer clubs and humanoid-robotics ventures.
Zachary Lyons Replaces Heathcote as CIO
Zachary Lyons, previously Heathcote's deputy, took over as chief investment officer following the transition. Lyons now manages reserves and investment strategy at Tether Holdings SA.
Tether's Historical Valuation Attempts and Ownership Opacity
Earlier in the reporting period, Tether scaled back from reported plans to raise as much as $20 billion after encountering investor resistance to a proposed $500 billion valuation that would have ranked it among the world's most valuable private companies. Advisers subsequently pursued a more modest $5 billion raise. Tether reported a full-year profit of more than $10 billion for 2025. USDT's position as the largest stablecoin by circulating supply makes Tether's internal governance and ownership structure a matter of market-wide interest. Tether did not respond to requests for comment on the planned sale. PJT Partners declined to comment. Heathcote could not be reached.
FAQ
Who is Richard Heathcote in relation to Tether?
Richard Heathcote is the former chief investment officer of Tether Holdings SA. He oversaw the reserves backing USDT until stepping down in March, when he transitioned to a non-executive advisory role.
What stake does Heathcote hold and plan to sell in Tether?
Heathcote holds a 1.26% equity stake in Tether Holdings SA and is planning to sell a portion of that holding.
Who is managing the sale of Heathcote's stake in Tether?
Investment bank PJT Partners is managing the sale process for Heathcote's equity stake in Tether Holdings SA.
