According to Bloomberg, Tether Holdings Chief Investment Officer Richard Heathcote is stepping down and transitioning to a non-executive advisory role, with his deputy Zachary Lyons taking over the position. Heathcote previously oversaw the management of reserve assets backing the stablecoin Tether (USDT) and spearheaded the company's efforts to deploy related proceeds into global investments, including corporate equities and U.S. Treasury securities. As of the end of 2025, USDT circulation stands at approximately $184 billion, with Tether holding approximately $122 billion in U.S. Treasury securities.

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