Former Tether Investment Chief Plans to Sell Stake

Richard Heathcote, who served as Tether's investment chief until March, is planning to sell his 1.26% stake in the stablecoin giant. Heathcote is working with PJT Partners to sell his holding in the San Salvador, El Salvador-based company. The sources said discussions with potential buyers were ongoing.

Heathcote took on a non-executive advisory role at the issuer of USDT, the largest stablecoin by market capitalization, in March, and was replaced by his deputy Zachary Lyons.

In February, Tether scaled back from plans to raise as much as $20 billion after facing investor resistance to a proposed $500 billion valuation that would rank the stablecoin issuer among the world's most valuable private companies. Tether advisers then followed up with plans to raise $5 billion. Tether reported a full-year profit of more than $10 billion for 2025.

The stablecoin market cap fell to $312 billion in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86 billion.

Tether did not respond to a CoinDesk request for comment. PJT Partners declined to comment. Heathcote could not be reached.

The developments in the stablecoin market are taking place in a period of continued fluctuations in the cryptocurrency market. The stability of stablecoins like Tether is seen as an important factor for investors.

In conclusion, the plans of Tether's former investment chief to sell his stake are seen as important news for those closely following developments in the cryptocurrency market.

Fluctuations in the Stablecoin Market: Former Tether Investment Chief's Stake