Richard Heathcote, who until March was Tether’s chief investment officer, plans to sell part of his 1.26% stake in the stablecoin giant, according to a Bloomberg report.

Heathcote is working with PJT Partners to sell its stake in the San Salvador, El Salvador-based company, Bloomberg said, citing sources close to the matter. The sources said discussions with potential buyers were ongoing. They declined to comment on the company’s potential valuation.

Heathcote assumed a non-executive advisory role at the issuer of USDT, the largest stablecoin by market cap, in March and was replaced by his deputy Zachary Lyons.

In February, Tether backed away from plans to raise as much as $20 billion after facing investor opposition to a proposed $500 billion valuation that would place the stablecoin issuer among the world’s most valuable private companies. Tether advisers then followed up with plans to raise $5 billion. Tether reported a full-year profit of more than $10 billion for 2025.

Tether did not respond to a CoinDesk request for comment. PJT Partners declined to comment. Heathcote could not be reached.