Former Tether investment director Richard Heathcote, who left his post in March 2026, is exploring the possibility of a partial sale of his stake in the company. He currently holds a 1.26% share in the issuer of the largest stablecoin, USDT. After stepping down from his operational role, Heathcote transitioned to an advisory position, which likely served as a catalyst for reassessing his position as a shareholder.
Market Context and Valuation of the Stake
Tether remains a private company, making any transactions involving its shares extremely rare and strategically significant. Even the sale of a small portion of such a stake could provide the market with a unique opportunity to assess the issuer's intrinsic value. Notably, USDT, with a circulation of approximately $184 billion, confidently dominates the stablecoin market, holding a 59% share, according to DefiLlama data. This means Tether controls the largest liquidity bridge between fiat currencies and cryptocurrencies.
Expert Opinion
From my perspective, Heathcote's interest in selling part of his stake is not merely a personal decision but a potential signal to the market. If the deal goes through, it could attract institutional investors seeking direct access to Tether's profits, which have traditionally demonstrated high profitability through fees and reserve income. However, it is worth considering that the company's private status and regulatory risks, particularly in the US and EU, may limit the pool of potential buyers. In any case, this event warrants close attention from analysts.