Former Tether Investment Chief Plans Partial Stake Sale

Tether issues USDT, a U.S. dollar-pegged stablecoin with a market share of about 59%, and earns most of its profit by investing the assets backing the token. The privately held company held talks in September 2025 to raise $15 billion to $20 billion at a $500 billion valuation. A shareholder stake sale would therefore offer a rare market test of that valuation and Tether’s opaque ownership structure.

Bloomberg reported on July 6, 2026, that Richard Heathcote, who stepped down as Tether’s chief investment officer in March that year and became an adviser, had hired PJT Partners to find buyers for his 1.26% stake. He plans to sell only part of the holding. Tether paused its fundraising effort at a valuation of up to $500 billion earlier this year, putting the pricing of any secondary transaction under scrutiny.