Tether's former CIO seeks buyer for 1.26% stake
In brief
- Richard Heathcote, Tether's former CIO, seeks buyer for portion of 1.26% stake via PJT Partners
- Heathcote transitioned to non-executive advisory role in March after Zachary Lyons replaced him
- Stake sale occurs as Tether pursues $5 billion fundraising round
Stake Sale Underway
Heathcote is working with PJT Partners to find a buyer for his holding in Tether. Discussions with potential buyers were ongoing, according to sources familiar with the matter.
The timing reflects shifts within Tether's leadership and capital strategy. Heathcote took on his advisory role after the stablecoin issuer adjusted its fundraising ambitions. In February, Tether scaled back from plans to raise as much as $20 billion after facing investor resistance to a proposed $500 billion valuation. Tether advisers then followed up with plans to raise $5 billion.
Financial Position and Market Context
Despite fundraising headwinds, Tether's profitability remains robust. The company reported a full-year profit of more than $10 billion for 2025, underscoring its dominant position in the stablecoin market.
The broader stablecoin sector faces pressure. Stablecoin market cap fell to $312 billion in June, its largest monthly drop since TerraUSD. Yet tokenized assets continue to gain traction—tokenized equity volumes surged 145% to a record $3.86 billion, suggesting institutional appetite for blockchain-based financial instruments remains intact.
