Tether’s Former CIO Is Selling Part Of His Stake With Company Approval – Bloomberg

Tether’s former chief investment officer is looking to cash out part of his holding in the stablecoin issuer. Richard Heathcote, who stepped down from the role in March, is reportedly working with investment bank PJT Partners to sell a portion of his 1.26% stake in Tether Holdings. Discussions with potential buyers are ongoing and no valuation for the stake has been disclosed.

The Sale Tether Approved 

Bloomberg reported Monday that Heathcote has received approval from Tether to proceed with the sale — a key detail given that the company moved last year to block some existing shareholders from conducting their own secondary sale process, citing concerns that an unsanctioned transaction would undermine a primary deal the company was pursuing at the time.

Tether paused plans earlier this year to raise money at a valuation of up to $500 billion, Bloomberg reported in March, as the company awaited the results of its first full financial audit. 

The decision came after potential investors and bankers pushed the company for greater transparency around its finances — a longstanding point of friction for an issuer that controls the world’s largest stablecoin. USDT currently has $184 billion in circulation.

Heathcote’s potential stake sale coincides with a significant shift in how the stablecoin market is actually being used. While Tether remains the dominant player by total supply, new data from Visa’s on-chain analytics unit shows a different picture when it comes to actual transaction activity. 

Who Is Winning The Stablecoin Race?

USDC, issued by Circle (CRCL), accounted for roughly 70% of adjusted stablecoin transaction volume in the first half of 2026. Tether’s USDT handled approximately 25%. 

That split represents a major reversal from where things stood just a few years ago. In 2020, USDT controlled nearly 90% of adjusted stablecoin transaction volume while USDC represented less than 10%. The reversal has played out alongside a broader explosion in stablecoin activity overall. 

Adjusted transaction volume hit a record $1.79 trillion in June alone — up 63% from $1.1 trillion in May and 125% higher than the roughly $795 billion recorded a year earlier.

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