Richard Heathcote, the former chief investment officer at Tether Holdings SA, is in the process of marketing part of his equity stake in the company, people familiar with the matter said. Heathcote has engaged PJT Partners to handle the sale of a portion of his 1.26% holding.
Heathcote shifted roles in March when the company announced he would step down as chief investment officer and assume an advisory position. Tether is the issuer of USDT, the largest stablecoin by circulation, with $184 billion outstanding.
Those close to the situation said conversations with potential buyers remain ongoing, and they declined to provide a valuation for the stake being offered.
Earlier in the year, Tether put plans to raise new capital on hold. The company had at one point been considering a fundraising at a valuation reported to be as high as $500 billion, but it paused those plans while awaiting the findings of its first comprehensive financial audit. The decision to pause the share sale process followed pressure from prospective investors and bankers for greater financial transparency.
In a related development late last year, Tether took steps to stop certain existing shareholders from pursuing their own secondary sale processes, citing concerns that such transactions could undermine a primary offering. Sources said Heathcote has received company approval to proceed with selling stock.
The situation remains fluid. Potential buyers and Heathcote's advisers have not publicly disclosed any terms or a timetable for completing a transaction, and the people with knowledge of the discussions declined to comment on potential valuations or further details.
Context and implications
The planned disposition of part of Heathcote's stake comes as Tether undergoes external scrutiny related to its finances and fundraising plans. The company continues to hold a dominant position in stablecoins through USDT, which remains widely used in digital-asset markets.