Ex-Tether CIO Heathcote Shops 1.26% Stake While USDT Keeps Its $184B Throne 👀

Former Tether chief investment officer Richard Heathcote is looking to offload part of his 1.26% ownership stake in the stablecoin issuer, according to a Bloomberg report citing people familiar with the matter. Heathcote stepped down as Tether's CIO in March to take on an advisory role after managing the company's investment portfolio, and the planned sale would cover only a portion of his holding. Tether issues USDt (USDT), the largest stablecoin by market capitalization, with a circulating supply of roughly $184 billion representing about 59% of the stablecoin market, according to DefiLlama data.

Because Tether remains privately held, the transaction would provide a rare window into ownership of one of the crypto industry's most profitable companies. The timing coincides with mounting regulatory friction in Europe, where USDT has been delisted by a growing number of MiCA-authorized platforms after Tether declined to comply with the European Union's crypto framework. Revolut said this month it will remove USDT from its platform.

Tether CEO Paolo Ardoino has stated outright that the company does not need to go public, even as other crypto firms weigh listings. Kraken raised $500 million at a $15 billion valuation in September 2025, according to Fortune, and in November 2025 announced a confidential draft registration statement filed with the US Securities and Exchange Commission for a proposed initial public offering. Bloomberg later reported those IPO plans could be pushed to 2027 following layoffs connected to the exchange's expanding use of artificial intelligence. South Korean exchange Bithumb said in April it is delaying its IPO until after 2028 as it strengthens its accounting policies and internal controls following earlier regulatory setbacks.