PANews reported on March 13 that, according to Bloomberg, Richard Heathcote, chief investment officer of stablecoin giant Tether Holdings SA, will step down to a non-executive advisor role, and his deputy, Zachary Lyons, will succeed him. Heathcote spearheaded Tether's investment strategy during its "defining period," including managing the massive reserves backing its core stablecoin USDT and driving a series of deals involving areas such as football clubs and humanoid robots.

Heathcote previously worked at Cantor Fitzgerald's BGC Group, playing a key role in establishing the relationship between Tether and the investment bank. Cantor is an investor in Tether and manages its U.S. Treasury portfolio. Currently, USDT has a circulating supply of $184 billion, and Tether's holdings of U.S. Treasury bonds are projected to increase to $122 billion by the end of 2025.