Ex-Tether CIO to Sell Part of 1.26% Stake

Richard Heathcote, who stepped down as Tether’s chief investment officer in March and moved into an advisory role, is seeking to sell a portion of his 1.26% ownership in the company, according to people familiar with the matter.

The planned sale would cover only part of Heathcote’s holdings, leaving him with remaining equity in the privately held firm. The transaction refers to a reduction of his personal stake rather than any divestment of Tether’s corporate assets.

Tether issues USDt, the largest stablecoin by market value. USDt’s circulating supply is about $184 billion, representing roughly 59% of the stablecoin market by that measure. Public information on Tether’s ownership is limited, so a partial sale by a senior executive could provide one of the few visible changes in the company’s ownership structure.

The reported sale comes as Tether faces regulatory focus in Europe. Several platforms authorized under the EU’s markets in crypto-assets framework have removed USDt after Tether declined to comply with parts of the regulation. Some digital banks and trading services have announced plans to delist the token citing compliance requirements.

Tether’s chief executive has stated the company does not need to go public. Other crypto firms have pursued or adjusted plans for initial public offerings; one major exchange filed a confidential draft registration with the U.S. Securities and Exchange Commission in November 2025 as part of IPO preparations, and another exchange announced a delay of its planned listing until after 2028 to strengthen accounting policies and internal controls.

No details have been released about how much of Heathcote’s stake will be offered or who potential buyers might be. Neither Heathcote nor Tether has commented publicly on the reported sale.