Howard Lutnick, the CEO of Cantor Fitzgerald, a Wall Street firm, has expressed his admiration for Tether, the issuer of the USDT stablecoin. Lutnick revealed in a December 11 interview with CNBC that he is a “big fan” of Tether and holds a significant amount of their treasuries, which currently exceed $90 billion.
Cantor Fitzgerald has been involved in managing Tether’s substantial United States Treasury portfolio for several years, a partnership that began in late 2021, according to anonymous sources mentioned in a February 10 report from The Wall Street Journal.
This collaboration is noteworthy, especially considering that many traditional Wall Street firms have been hesitant to engage with crypto businesses, particularly after the Silicon Valley Bank incident.
Cantor Fitzgerald, along with Charles Schwab, Fidelity, and Vanguard, is among the select brokerage firms authorized to trade Treasury bonds.
Tether, the largest stablecoin in terms of market value, is facing criticism for not being transparent about its reserves.
In a stability assessment conducted by S&P Global, Tether received the second-lowest ranking among eight U.S. dollar-pegged stablecoins, indicating a performance below expectations.
The CEO initially expressed general support for cryptocurrencies but later focused specifically on praising Bitcoin (BTC).
He highlighted two key reasons for favoring Bitcoin: its halving cycles and the absence of a centralized authority, making it a valuable asset that cannot be controlled by anyone.
He emphasized the unique aspect of Bitcoin, noting that it’s the only asset where no one can seize or control it.
Also Read: Tether Freezes 161 Wallets, Citing Security & OFAC Sanctions
