Key facts
- Former Tether CIO Richard Heathcote is seeking to sell part of his 1.26% ownership stake.
- Tether is the issuer of USDT, the world's largest stablecoin by market capitalization.
- USDT holds about 59% of the stablecoin market.
- Tether is privately held and has stated no plans to go public.
- Tether faces regulatory challenges in Europe, leading to USDT delistings on some platforms.
- Other crypto companies like Kraken and Bithumb are navigating IPO plans, with potential delays.
Richard Heathcote, the former chief investment officer of stablecoin issuer Tether, is reportedly looking to sell a portion of his 1.26% stake in the company. The move, reported by Bloomberg citing sources familiar with the matter, could provide a rare insight into the ownership structure of the privately held firm.
Heathcote stepped down from his role overseeing Tether's investment portfolio in March to take on an advisory position. Tether is the issuer of USDT, the largest stablecoin by market capitalization, with a circulating supply of approximately $184 billion, representing about 59% of the total stablecoin market.
The potential sale occurs as Tether navigates increasing regulatory scrutiny, particularly in Europe, where several platforms have delisted USDT due to non-compliance with the EU's MiCA framework. Revolut, for instance, announced this month it would remove the stablecoin.
Despite Tether CEO Paolo Ardoino's assertions that the company does not need to go public, other crypto firms are exploring or delaying IPOs. Kraken has reportedly taken steps toward a public listing, though its IPO may be pushed back to 2027. Similarly, South Korean exchange Bithumb has postponed its IPO until after 2028.