Former Tether Chief Investment Officer Richard Heathcote is seeking to sell part of his 1.26% stake in the stablecoin issuer, according to Bloomberg.

Heathcote is working with PJT Partners to find buyers for the stake, with discussions still in early stages and no valuation disclosed.  

The potential sale would offer a rare look into the private market value of Tether, the company behind USDT, the world’s largest stablecoin.

Tether has no public listing, and its ownership has historically been concentrated among a small group of shareholders, making any secondary transaction unusually significant.

Heathcote stepped down from his CIO role in March and moved into an advisory position, according to the reports. During his time at Tether, he oversaw the reserves backing USDT, a portfolio that has grown into one of the largest pools of dollar linked assets in crypto.  

The size of the stake appears small on paper, but the underlying company is not. USDT has roughly $184 billion in circulation, according to the Bloomberg based reports, while Tether has evaluated a potential fundraising round that could value the company at about $50 billion.  

A transaction at that level would make Heathcote’s full 1.26% holding worth about $630 million on an implied basis. The final value could differ depending on the size of the stake sold, buyer demand, transfer restrictions and any discount applied to minority shares in a private company.

The sale process comes as Tether’s broader capital plans remain under scrutiny. Tether has paused a potential $50 billion fundraising effort while it moves toward a full audit by a Big Four accounting firm.  

That audit remains central to how traditional investors may price Tether. The company publishes reserve attestations, but a full audit from a Big Four firm would carry more weight with institutional buyers evaluating the company’s balance sheet, reserve quality and earnings power.

Tether’s business has become increasingly tied to US Treasury markets. The company reported $1.04 billion in net profit for the first quarter of 2026, with Treasury holdings reaching $141 billion. Reuters reported that US Treasury bills remained the largest part of Tether’s reserves in the first quarter.  

That scale makes any equity sale more than an internal shareholder matter. A completed transaction could establish a reference valuation for Tether, giving investors, competitors and regulators a clearer benchmark for the company behind the dominant dollar stablecoin.

It could also sharpen comparisons with Circle, Tether’s main regulated stablecoin rival. Circle’s public market valuation gives investors a visible reference point for USDC, while Tether remains private despite commanding the larger stablecoin supply.