Tether's former chief investment officer Richard Heathcote is reportedly looking to sell a small portion of his 1.26% stake in the stablecoin giant. According to Bloomberg, he is working with PJT Partners on the secondary sale.

Heathcote stepped down as CIO in March and later moved into a non-executive advisory role. His deputy, Zachary Lyons, took over day-to-day investment management at the company.

The potential deal comes after Tether paused earlier plans to raise funds at a valuation of up to $500 billion, as the firm waits for its first full audit. Tether has also hired a Big Four accounting firm to handle the review.

The company remains the largest stablecoin issuer in the market, with USDT supply standing at around $184 billion. Tether's business has stayed highly profitable thanks to its large holdings of U.S. Treasury bills.