Former Tether CIO seeks sale of part of 1.26% stake, Bloomberg reports

Former Tether chief investment officer Richard Heathcote, also referred to in earlier reporting as Raphael Zagury, is seeking to sell part of his 1.26% stake in the company behind USDT, Bloomberg reported, citing people familiar with the matter. The transaction would be a rare liquidity event for an insider at the privately held stablecoin issuer and could provide unusual price discovery for one of crypto’s most profitable but lightly disclosed companies. Heathcote stepped back from day-to-day duties in March 2026, when Tether handed his operational responsibilities to Zachary Lyons and moved him into a non-executive advisory role. Bloomberg said he is working with PJT Partners on the sale, which Tether has approved, though the company is not raising new capital and no transaction size, buyer identities or valuation have been disclosed. The potential sale comes after Tether previously explored fundraising at valuations of up to $50 billion, creating a benchmark investors will likely use to assess any implied pricing from the secondary transaction. Tether remains highly profitable because it earns income on reserve assets largely invested in U.S. Treasuries while USDT, its flagship stablecoin, has a circulation of about $184 billion and accounts for roughly 59% of the stablecoin market. During Heathcote’s tenure, Tether also expanded its investment strategy beyond Treasuries into sports franchises, technology ventures and other alternative assets. Regulatory developments remain a key variable for valuation. In Europe, MiCA has introduced new requirements for stablecoin issuers, and several exchanges have delisted or restricted USDT trading. In the United States, pending stablecoin legislation could either strengthen Tether’s position or add compliance pressure, making any eventual pricing from the PJT-run process a closely watched signal of how investors are weighing growth, profitability and regulatory risk.