Tether CIO Richard Heathcote seeks to sell stake as issuer resists IPO

Tether's Private Status

Tether issues USDT, the world's largest stablecoin by market capitalization. With a circulating supply of roughly $184 billion, USDT accounts for roughly 59% of the stablecoin market. Yet Tether remains privately held, a rarity for a company of its scale and profitability in the crypto industry. Heathcote's stake sale could provide insight into the firm's valuation and internal ownership structure — details typically reserved for public filings.

Resisting the IPO Path

The timing of Heathcote's sale underscores Tether's divergent strategy from peers. Tether CEO Paolo Ardoino stated that the stablecoin issuer does not need to go public. That stance contrasts sharply with the industry landscape. Kraken raised $500 million at a $15 billion valuation in September 2025 and confidentially filed a draft registration statement with the SEC for a proposed IPO in November 2025. However, Kraken's IPO plans could be pushed back until 2027 following layoffs tied to the company's expanding use of artificial intelligence.

South Korean crypto exchange Bithumb also announced in April that it is delaying its IPO until after 2028. Tether's refusal to pursue public markets sits apart from these efforts.

Regulatory Headwinds

Tether faces its own pressures. USDT has been delisted by a growing number of MiCA-authorized platforms after Tether opted not to comply with the European Union's crypto framework. These delistings highlight the cost of remaining independent. Yet Ardoino's public statements suggest the company believes profitability and market dominance provide enough stability to forgo the capital and scrutiny that come with going public.