Richard Heathcote, former investment director at Tether, is looking for buyers to sell part of his 1,26% stake in the company responsible for issuing USDT, the largest stablecoin in the market. The talks are taking place just a few months after his departure from the executive role and could represent one of the first significant moves involving the company’s shares in 2026.
According to information released, Heathcote is conducting the secondary sale process with the support of investment bank PJT Partners. Discussions with potential investors are already underway, although no details have yet been disclosed about which portion of the stake will be put up for sale or what valuation could be used in the deal.
So far, neither Tether nor PJT Partners has officially commented on the matter.
Heathcote joined the company in January 2023 after working as a broker at BGC Group at Cantor Fitzgerald. In March of this year, he left the role of investment director and began serving as a non-executive consultant. With the change, Zachary Lyons, who held the vice position in the investment area, took over the company’s day-to-day portfolio management.
The possible sale is happening at an important time for Tether. Earlier this year, the company decided to suspend plans to raise funds with an estimated valuation of up to US$ 500 bilhões. The decision was made while the issuer awaits the completion of its first full financial audit, conducted by one of the four largest global accounting firms.
The delay of the stock offering occurred after investors and financial institutions demanded a higher level of transparency about the company’s financial statements before moving forward with a potential transaction.
Even amid these discussions, Tether continues to hold a dominant position in the stablecoin market. USDT concentrates approximately US$ 184,3 bilhões in market value, accounting for about 63% of all dollar-linked stablecoins supply. In total, this segment already exceeds US$ 291 bilhões in capitalization, cementing USDT as the main liquidity reference for cryptocurrency trading on exchanges and digital asset platforms around the world.