CoinDesk
Richard Heathcote, who stepped down as Tether's chief investment officer in March, is working with PJT Partners to find buyers for part of his 1.26% stake in the issuer of USDT, according to Bloomberg. The size of the block on offer and the company's valuation were not disclosed, and Heathcote could not be reached for comment.
Heathcote transitioned into a non-executive advisory role earlier this year and was replaced as CIO by his deputy Zachary Lyons. The sale comes against a backdrop of valuation pushback from the broader investor base. In February Tether pulled back from plans to raise as much as $20 billion after resistance to a reported $500 billion valuation, an ask that would have ranked the stablecoin issuer among the world's most valuable private companies. Advisers later returned with a downsized $5 billion raise target. Tether reported a full-year profit above $10 billion for 2025.
Why it matters
Secondary blocks from insiders are the closest read on what private investors will actually pay, and the timing matters. Tether's primary raise was rejected at a $500 billion ask, so a confirmed sale here, even at a discount, would reset the marker for the company's private market value. PJT Partners, which has run secondary placements for names like SpaceX and Stripe, is the kind of shop that gets hired when a seller wants institutional buyers rather than crypto-native funds.
Market impact
The wider stablecoin sector is going through its own reset. Total stablecoin market cap fell to $312 billion in June, the largest monthly drop since the TerraUSD collapse, while tokenized equity volumes jumped 145% to a record $3.86 billion. A successful Tether secondary would give holders of USDT, the largest stablecoin by market capitalization, a cleaner read on the issuer's real-world valuation, and would likely reopen the door to a primary round on better terms.
Frequently asked questions
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Who is Richard Heathcote and what stake is he selling?
Richard Heathcote was Tether's chief investment officer until March, when he moved into a non-executive advisory role. He is seeking buyers for part of his 1.26% stake in the issuer of USDT via PJT Partners.
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What is PJT Partners' role in the transaction?
Heathcote is working with advisory firm PJT Partners to find buyers for the block. The firm is best known for running secondary placements at large private companies and typically signals a sale aimed at institutional rather than crypto-native buyers.
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How much is the 1.26% stake worth?
Bloomberg did not disclose the dollar size of the block or the implied valuation. Tether's advisers were previously pitching a $500 billion valuation in February before walking back a planned $20 billion primary raise.
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Why did Tether pull back its primary fundraising earlier in 2026?
In February, Tether scaled back from plans to raise as much as $20 billion after facing investor resistance to a proposed $500 billion valuation. Advisers later floated a downsized $5 billion raise target. Tether reported a 2025 full-year profit above $10 billion.
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How is the wider stablecoin market performing?
Total stablecoin market cap fell to $312 billion in June, the largest monthly drop since the TerraUSD collapse. Tokenized equity volumes rose 145% to a record $3.86 billion over the same window.
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