Former Tether CIO Heathcote to Sell Stake Portion

Richard Heathcote, the former chief investment officer of Tether, is seeking to sell a portion of his 1.26% stake in the privately held stablecoin issuer, according to a report. The potential transaction offers a rare glimpse into the ownership structure of the company behind USDT, the world's largest stablecoin by market value.

Heathcote stepped back from his daily duties in March, when Tether appointed Zachary Lyons as its new chief investment officer. The company stated that Heathcote would remain connected in a non-executive advisory role. He is reportedly working with the investment bank PJT Partners and has begun discussions with potential buyers. The planned sale involves only part of his holding, not the full stake.

Tether remains a dominant force in the cryptocurrency ecosystem. Data from DefiLlama shows USDT holds approximately 59% of the stablecoin market, with a circulating supply of roughly $184 billion. The company reported a net profit of $1.04 billion for the first quarter of 2026, with excess reserves reaching $8.23 billion. Its assets are primarily held in U.S. government-backed instruments.

The reported insider sale unfolds as Tether faces increased regulatory...