Richard Heathcote, until recently Tether Holdings SA's chief investment officer, is selling part of his equity stake in the stablecoin issuer, Bloomberg reported Monday, citing people familiar with the matter. Heathcote is using investment bank PJT Partners to manage the sale.
The timing of the move comes months after Heathcote departed from the role. No announcement specified a replacement or internal restructuring at the time. Tether has not publicly disclosed the size of Heathcote's stake, the valuation being sought, or any timeline for completion of the sale.
PJT Partners, a boutique investment bank founded by former Blackstone executive Tony James, typically handles equity transactions for financial services firms and crypto-adjacent entities. The choice of adviser suggests Heathcote is seeking institutional buyers or a controlled process rather than an open market sale.
Tether remains the largest stablecoin by market capitalization, with a rank of number three across all crypto assets. The company has faced persistent regulatory scrutiny over reserve adequacy and disclosure practices, particularly in the United States and EU. Reserve composition and backing remain central to ongoing policy debates, though equity stake transfers among company insiders do not directly affect the mechanics or backing of USDT itself.
Neither Tether nor Heathcote has released a public statement on the sale. PJT Partners declined to comment.