Former Tether chief investment officer Richard Heathcote is preparing to sell a portion of his 1.26% ownership in the stablecoin issuer, Bloomberg reports. Heathcote stepped down in March, moving to an advisory role after managing Tether Holdings SA’s investment portfolio. The planned divestiture will be the first public glimpse into the equity structure of a firm that remains privately held despite generating billions in profit.

Tether’s USDt (USDT) commands roughly $184 billion in circulating supply, representing about 59% of the global stablecoin market. The sale coincides with heightened regulatory scrutiny in Europe, where the EU’s crypto framework has prompted several MiCA‑authorized platforms to delist USDT. Revolut announced this month it will remove the token from its service, adding pressure on Tether’s market access.

Investors may view the transaction as a barometer for confidence in Tether’s governance and its ability to navigate compliance hurdles. While Tether’s CEO Paolo Ardoino has dismissed the need for an IPO, the broader crypto sector is seeing peers like Kraken and Bithumb delay public listings, suggesting uncertainty around valuation and regulatory timelines. Heathcote’s exit could signal shifting sentiment among insiders and influence secondary market pricing for the scarce private shares.