Richard Heathcote, who stepped down as Tether’s CIO in March, is working with PJT Partners to sell part of his 1.26% stake in the stablecoin issuer, according to people familiar with the matter.

The people said Tether approved the sale, and discussions with potential buyers are ongoing, though no valuation was disclosed.

Before leaving the CIO role, Heathcote oversaw reserves backing USDT and helped lead Tether’s investments.

He then moved into an advisory role, according to a previous Tether statement.

In March, people familiar with the matter said Tether had paused fundraising at a valuation of as much as US$500 billion while it awaited its first full financial audit.

On March 24, the company said it had engaged a Big Four accounting firm for the process.

Tether has used quarterly attestations by BDO Italia rather than a full audit.

🔗 Source: Bloomberg

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