Former Tether CIO seeks to sell 1.26% stake

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.