Former Tether chief investment officer Richard Heathcote is seeking to sell part of his 1.26% stake in the stablecoin issuer, according to a Bloomberg report.
Summary
- Heathcote’s planned sale may give investors a rare look at Tether’s private ownership structure.
- USDT still dominates stablecoins, even as MiCA rules push some European platforms to delist it.
- Tether says it does not need an IPO while rival crypto firms keep weighing listings.
The report said Heathcote is working with PJT Partners and has started talks with potential buyers.
The planned transaction covers only part of his holding, not the full stake. Bloomberg did not report a valuation for the sale. A completed deal could offer a rare public marker for Tether’s private shares, because the company does not trade on a public exchange.
The report comes after Tether became one of crypto’s largest private companies by revenue and reserves. Any private stake sale may draw attention from investors who want exposure to stablecoin growth without buying shares in a listed company.
Tether remains privately held
Heathcote stepped back from daily duties in March, when Tether named Zachary Lyons as chief investment officer. Tether said Heathcote would stay connected to the company in a non-executive advisory role after helping guide its reserve management and investment strategy.
Tether CEO Paolo Ardoino has pushed back against public-listing talk. In an April 2025 post on X, he said, “Tether doesn’t need to go public.” The comment remains relevant as the reported Heathcote sale comes through a private process rather than an IPO.
The company has also continued to report large profits. Tether reported $1.04 billion in net profit for the first quarter of 2026, with excess reserves reaching $8.23 billion. Its assets remained mostly tied to U.S. government-backed instruments.
USDT still leads the stablecoin market
Tether issues USDT, the largest stablecoin by market value. DefiLlama data showed total stablecoin market cap at about $312 billion, with USDT holding about 59.05% market share and a market cap near $184.23 billion.
That size keeps Tether central to crypto trading, payments, and liquidity across exchanges. It also makes any movement in its private ownership closely watched. Investors may view the reported sale as a way to assess private demand for exposure to the issuer behind the market’s largest dollar-pegged token.
USDT remains widely used outside the U.S., especially where traders need fast dollar liquidity. Regulatory checks have grown as stablecoins move closer to mainstream payments and bank-linked services.
Europe pressure and IPO market set the backdrop
The reported sale comes while Tether faces tighter rules in Europe. As previously reported, Revolut will remove USDT from eligible European accounts after the European Union’s MiCA rules took effect. Users could buy USDT until July 6 and have until Aug. 31 to sell or withdraw supported balances.
Other large crypto firms have taken different paths. Kraken said in November that it had confidentially filed a draft registration statement for a proposed IPO, though related coverage later reported that layoffs and AI-driven restructuring could push its listing timeline into 2027.
South Korea’s Bithumb has also slowed its public-market plan. As previously reported, Bithumb continues to prepare for a 2028 IPO while also discussing a possible stake sale to Kiwoom Securities.
Tether has not announced plans to list its shares. The Heathcote sale places attention on the company’s private value, its stablecoin market lead, and how buyers may price exposure to one of crypto’s largest private businesses.
