Tether Holdings has announced that its Chief Investment Officer, Richard Heathcote, will step down from his role and transition to a non-executive advisory position. Zachary Lyons, Heathcote's deputy, will assume the role of CIO. Heathcote was instrumental in managing the reserve assets backing the stablecoin Tether (USDT) and directed the company's investment strategy, which included global investments in corporate equity and U.S. Treasury securities. As of the end of 2025, Tether's USDT had a circulation of approximately $184 billion, with the company holding around $122 billion in U.S. Treasury securities. This strategic shift in leadership comes as Tether continues to expand its investment portfolio and maintain its position in the stablecoin market.