Richard Heathcote, the former Chief Investment Officer of Tether, is selling part of his stake in the company behind USDT. Bloomberg reported the news on July 6, 2026. Heathcote holds 1.26% of Tether Holdings SA and plans to reduce that position. He stepped down as CIO in March 2026, moving into an advisory role. Executive share sales after such transitions are a common practice to diversify personal wealth.
Board Greenlights Sale, PJT Partners Takes Over Process
The board has approved the transaction. Heathcote hired PJT Partners, a well-known advisory firm, to manage the sale. PJT is currently talking with potential buyers, including institutional investors and private parties. Because Tether remains private, no public price has been set. Board approval is the key procedural step needed for the deal to proceed.
Tether Paused $500B Funding Round, Awaits First Audit
The stake sale comes as Tether earlier paused a financing round targeting a $500 billion valuation. The company wants to wait for the completion of its first full financial audit by a major accounting firm before resuming that round. Heathcote's exit may open the door for new investors to enter Tether's ownership structure.
USDT Peg Stable, Market Cap at $184B
As of July 7, 2026, USDT trades near $1.00 with a market cap of about $184 billion, representing roughly 59% of the total stablecoin market. Executive-level ownership changes do not affect USDT's reserves, which are mostly held in U.S. Treasuries and gold. When Zachary Lyons took over as CIO in March 2026, the peg remained steady.
Audit Results Will Shape Next Steps
The market is watching for Tether's first full audit from a Big Four accounting firm. The outcome could influence both the paused funding round and future secondary share transactions. A clean, well-structured sale of Heathcote's stake may support the company's push for greater transparency. This article is for informational purposes only and does not constitute financial or investment advice. Crypto markets carry significant risk. Always do your own research.