Richard Heathcote, who stepped down as chief investment officer of the largest stablecoin issuer Tether (USDT) in March, is looking to sell part of his 1.26% holding, with PJT Partners brokering the discussions, Bloomberg reported.
Tether's Former CIO Seeks to Sell Part of 1.26% Stake: Bloomberg
7 July 2026 - 07:04 CEST
The planned sale comes as Tether – whose USDT has $184bn in circulation – paused a capital raise at a valuation of up to $500bn while it awaits the results of its first full financial audit, conducted by a Big Four firm.
Late last year, Tether sought to block existing shareholders from conducting a secondary sale, concerned it would undermine the primary deal, but Heathcote's share sale was approved, Bloomberg reported previously.
Heathcote, a former broker at Cantor Fitzgerald affiliate BGC Group, joined Tether in January 2023 and now serves as an adviser. Chairman Giancarlo Devasini is the largest shareholder, with a net worth of about $64bn, according to the Bloomberg Billionaires Index.
(Corrected, headline specifies that part of the stake is being sold, not the whole amount).
