tether

A major transaction could soon reveal the true value of Tether, the company behind the world’s largest stablecoin, USDT. According to Bloomberg, former Chief Investment Officer Richard Heathcote is seeking to sell his 1.26% stake in the company, with investment bank PJT Partners assisting in the search for potential buyers.
At first glance, a 1.26% stake may seem relatively small. However, for a company managing reserves that back roughly $184 billion worth of USDT in circulation, even a minority stake could be worth hundreds of millions of dollars. Tether has also reportedly explored a fundraising round that could value the company at as much as $50 billion.
Sale Process Still in Its Early Stages
Heathcote stepped down as Tether’s Chief Investment Officer in March 2026 and now serves as an advisor to the company. During his tenure, he oversaw nearly $150 billion in reserve assets, making him one of the largest fixed-income portfolio managers not only in the crypto industry but also across traditional finance.
According to available reports, discussions surrounding the sale remain at an early stage. No buyers have been publicly identified, and the expected price has not been disclosed.
The transaction is more complex because Tether is a privately held company. Its shares are not publicly traded, meaning any deal must be negotiated through a private secondary sale. That is precisely why Heathcote has turned to PJT Partners, a firm known for advising on complex transactions involving private companies.
PJT Partners, which originated from Blackstone, is widely recognized for advising on multi-billion-dollar deals worldwide, underscoring the significance of the process.
Tether’s Ownership Structure Remains Highly Concentrated
Tether’s ownership has long been one of the least transparent aspects of the cryptocurrency industry. The company is closely linked to iFinex and crypto exchange Bitfinex, with most of its equity historically concentrated among a small group of shareholders.
Previous reports suggested that as recently as 2018, four individuals controlled approximately 86% of the company. As a result, opportunities to acquire Tether shares are extremely rare.
For institutional investors, Heathcote’s stake could represent one of the very few chances to gain exposure to the company behind the world’s largest stablecoin.
The Deal Could Reveal Tether’s True Market Value
The importance of the transaction extends far beyond a simple ownership change. The final sale price could provide the market with its first meaningful indication of Tether’s actual valuation.
If the transaction implies a valuation of around $50 billion or more, it would establish an important benchmark for future fundraising efforts, regulatory discussions, and comparisons with competitors such as Circle, the issuer of USDC.
Until now, estimates of Tether’s value have largely been based on speculation and internal assessments.
Massive Capital Raise Remains on Hold
Another closely watched issue is Tether’s previously reported plan to raise up to $50 billion in fresh capital, potentially making it one of the largest fundraising rounds in cryptocurrency history.
That initiative has reportedly been paused while investors wait for a full financial audit conducted by one of the Big Four accounting firms—Deloitte, PwC, EY, or KPMG.
A comprehensive audit by one of these firms could significantly strengthen confidence among institutional investors and pave the way for future fundraising.
Why Tether Matters to the Crypto Market
USDT has become one of the most critical components of the cryptocurrency ecosystem, facilitating enormous daily trading volumes and serving as the primary source of liquidity across digital asset markets.
Tether’s reserves are invested largely in U.S. Treasury securities, making the company one of the world's largest holders of short-term U.S. government debt.
Those holdings generate billions of dollars in annual interest income, providing Tether with an exceptionally profitable business model.
Stablecoin Regulation Is Moving Forward
The timing of Heathcote’s planned sale also coincides with growing regulatory momentum in the United States. Lawmakers continue to advance stablecoin legislation that could introduce stricter requirements for reserve management, transparency, and licensing.
A market-based valuation of Tether could therefore provide regulators and investors with a clearer picture of the company’s scale and influence within the global financial system.
At the same time, questions remain regarding the company's audit process, regulatory exposure, and concentrated ownership structure. If a future Big Four audit confirms the strength of Tether’s financial position, it could significantly enhance the company's credibility among traditional financial institutions. Conversely, any negative findings could reshape investor sentiment toward both Tether and the broader stablecoin sector.
For now, the market will be watching two key developments: the valuation implied by Heathcote’s stake sale and whether Tether ultimately completes its long-awaited Big Four audit. Both events could have far-reaching implications for the company and the wider cryptocurrency market.
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Disclaimer:
The information and opinions presented in this article are for informational and educational purposes only and should not be considered financial or investment advice. Nothing on this page constitutes a recommendation to buy or sell any assets. Cryptocurrency investments are inherently risky and may result in financial loss. Always do your own research before making any investment decisions.

Theo một báo cáo của Bloomberg, cựu Giám đốc Đầu tư (CIO) của Tether, Richard Heathcote, đang tìm cách bán một phần quyền sở hữu của ông tại công ty.
Heathcote sở hữu khoảng 1,26% Tether và đang phối hợp với ngân hàng đầu tư PJT Partners để tìm các bên mua tiềm năng. Các cuộc đàm phán vẫn đang diễn ra, và chưa được tiết lộ quy mô phần cổ phần dự kiến bán cũng như giá trị có thể của nó.
Heathcote gia nhập Tether vào tháng 1/2023 sau trước đó làm việc tại BGC Group, một công ty có liên quan tới Cantor Fitzgerald. Đầu năm nay, ông đã từ nhiệm vị trí CIO và chuyển sang vai trò cố vấn phi điều hành. Cấp phó cũ của ông, Zachary Lyons, hiện đang quản lý các hoạt động đầu tư hằng ngày của Tether.