Woofun AI reports that Richard Heathcote, the former chief investment officer of Tether, is actively seeking to divest a portion of his equity in the stablecoin issuer, according to Bloomberg. Heathcote transitioned from his executive role to an advisory capacity in March, having previously managed the firm’s investment portfolio. This move marks a significant liquidity event for a key insider in one of the industry’s most profitable yet privately held entities.

The transaction involves only a fraction of Heathcote’s 1.26% ownership stake, offering a rare glimpse into the capital structure of Tether. The firm issues USDt (USDT), which dominates the stablecoin landscape with a circulating supply of approximately $184 billion. This volume represents roughly 59% of the total stablecoin market, underscoring the asset’s systemic importance despite the company’s opaque governance.

Structurally, the sale coincides with intensifying regulatory friction in Europe. Tether has chosen not to comply with the European Union’s MiCA framework, leading to delistings on multiple authorized platforms. Revolut recently announced it will remove USDT from its services, a decision that aligns with broader enforcement trends. Tether CEO Paolo Ardoino has publicly stated that the firm does not intend to go public, distinguishing its strategy from competitors.

Per Woofun AI, the broader industry context reveals a cooling trend for public listings. Kraken, which raised $500 million at a $15 billion valuation in September 2025, had confidentially filed for an IPO with the US Securities and Exchange Commission in November 2025.

However, reports indicate these plans may be delayed until 2027 due to AI-driven restructuring and layoffs. Similarly, South Korean exchange Bithumb postponed its IPO until after 2028 in April, citing the need to strengthen accounting policies following prior regulatory setbacks. This marks a notable shift from the aggressive public market ambitions seen earlier in the decade.