Tether crypto executive has stepped down after nine months to return to a private equity firm backed by the stablecoin giant.
Tether key executive Benjamin Habbel has stepped down after nine months as the company expands its real estate investment push, Bloomberg has learned.
Habbel, who joined Tether as chief business officer, will return to Limestone Capital, a private equity firm he co-founded, as managing partner, he said in an email cited by Bloomberg.
Read also: ECB Warns Tether, Circle Could Spread Stablecoin Stress
Tether is also an investor in Limestone, which manages more than $1 billion in assets, Habbel said. As Habbel explained, the two firms are planning to deepen their partnership. A Tether spokesperson said:
“As Tether steadily expands its real estate business, this is where Ben’s expertise will have the greatest impact, and he will continue to work closely with us to develop the portfolio.”
Tether Builds Real Estate Portfolio
The exit comes as Tether is hiring a real estate portfolio manager to oversee about $1 billion in real estate investments, according to a job posting noticed by Bloomberg.
The portfolio includes third-party managed funds, co-investment vehicles and some directly held assets, with a focus on commercial real estate and hospitality. Limestone’s portfolio includes Aethos and Eterniti, two hospitality real estate brands, according to the firm’s website.
This recent departure marks yet another high-level staff change at Tether. Richard Heathcote also stepped down as chief investment officer in March to be succeeded by Zachary Lyons.
Around the same time, Tether parted ways with two precious metals traders whom it had hired from HSBC a few months prior to manage its gold reserves.
Read more: Expert Warns of Liquidity Risks for Tether and Circle
