- Former Tether CIO Richard Heathcote plans to sell part of his 1.26% stake.
- Private stake sale could offer a rare look at Tether’s market valuation today.
- Tether posted a $1.04 billion Q1 profit with excess reserves of $8.23 billion.
Richard Heathcote, the former Chief Investment Officer of Tether Holdings, is planning to sell part of his 1.26% stake in the stablecoin giant. He is working with investment bank PJT Partners and has already begun discussions with potential buyers, though no valuation has been disclosed.
A Rare Window Into Tether’s Private Value
Tether does not trade on any public exchange, making private secondary transactions one of the only ways the market can gauge what the company is actually worth. Earlier this year, Tether paused plans to raise capital at a valuation of up to $500 billion while it awaited the results of its first comprehensive financial audit, conducted by one of the Big Four accounting firms.
If Heathcote’s stake sells near that level, it would signal strong institutional appetite for exposure to USDT’s dominance, US Treasury interest income, and global payment infrastructure. A significant discount would suggest the market is factoring in concerns around audit status, reserve transparency, and regulatory uncertainty.
Tether’s Financial Position
The company reported $1.04 billion in net profit for the first quarter of 2026, with excess reserves reaching $8.23 billion. Total profits exceeded $10 billion last year, driven primarily by interest income from the US Treasury securities held as reserves to maintain USDT’s dollar peg.
USDT currently has approximately $184.23 billion in circulation, representing around 59% of the total stablecoin market cap of roughly $312 billion, according to DeFiLlama. USDC, its closest competitor, holds around $73 billion.
Where Heathcote Stands
Heathcote joined Tether in January 2023 and helped diversify the company’s reserve earnings into investments across sectors, including football and robotics. He stepped back from daily duties in March 2026 when Zachary Lyons was named the new CIO. Tether said Heathcote would remain in a non-executive advisory role.
Tether CEO Paolo Ardoino has consistently pushed back against IPO discussions, stating publicly that Tether does not need to go public. The Heathcote sale follows that logic, proceeding through a private route rather than any public listing process.
Regulatory Pressure Building
The sale comes as Tether faces tighter regulatory conditions in Europe. Under MiCA rules, Revolut has removed USDT from eligible European accounts, with users given until 31 August to sell or withdraw balances. Meanwhile, other large crypto firms, including Kraken and South Korea’s Bithumb, are pursuing their own public listing timelines, with Kraken’s IPO potentially pushed to 2027 and Bithumb targeting 2028.
For investors, the Heathcote transaction provides a first chance to price the private market’s view of the world’s most dominant stablecoin issuer.
Related: Tether Shuts Down Gold-Backed Stablecoin aUSDT
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