Richard Heathcote, former chief investment officer for Tether Holdings SA, plans to sell a small equity stake in the stablecoin issuer. Heathcote is working with investment bank PJT Partners to facilitate the private transaction.
Heathcote served as Tether's CIO until earlier this year. His departure marked a shift in the executive leadership structure of the dominant stablecoin provider.
Tether's flagship stablecoin, USDT, carries a market capitalization of approximately $150 billion, making it the largest stablecoin by a wide margin. The company holds reserves backing its issued tokens, primarily in U.S. Treasury bills and other cash equivalents.
The planned sale involves an equity stake in Tether Holdings SA, the private entity behind USDT—not the stablecoin token itself.
PJT Partners, a global advisory firm specializing in mergers and acquisitions, financings and restructurings, is handling the valuation and marketing of the stake.
The sale represents one of the first known instances of a senior former executive seeking to monetize private ownership in Tether. Valuing that stake is complex: unlike public companies with transparent earnings and share prices, Tether operates under limited disclosure requirements.
Tether's growth has coincided with increased regulatory scrutiny on stablecoins globally. The GENIUS Act, signed in 2025, established a federal framework for payment stablecoin issuers in the United States, reshaping the broader market.
Potential buyers could include institutional investors, private equity funds or family offices seeking exposure to the infrastructure layer of the crypto economy.
