Chairman of Cantor Fitzgerald Confirms Tether’s Funds
Howard Lutnick, CEO of Cantor Fitzgerald, has stated that Tether has the funds it claims to have. As a custodian, Cantor Fitzgerald has examined portions of Tether’s balance sheet and confirmed its financial strength. Lutnick made these remarks during an interview at the World Economic Forum in Davos. Tether declared $86 billion worth of assets to back its $83 billion worth of USDT stablecoin, according to the latest attestation report published in October.
Cantor Fitzgerald as Tether Custodian
Cantor Fitzgerald has been serving as a custodian for Tether since late 2021. Paolo Ardoino, CEO of Tether, confirmed this partnership. The majority of Tether’s reserves are held by Cantor Fitzgerald. This announcement from Lutnick affirms the robustness of Tether’s reserves and provides concrete evidence of its financial strength.
Lutnick’s Support for Tether
Lutnick expressed his admiration for Tether as a company and praised the USDT stablecoin. He believes it offers a way to hold onto the dollar in countries experiencing high inflation, such as Argentina, Venezuela, and Turkey. This is not the first time Lutnick has shown his support for Tether; he previously mentioned being a “big fan” of the stablecoin.
Lutnick’s Views on Bitcoin
Lutnick also shared his thoughts on bitcoin during the Bloomberg TV interview. He predicts that the cryptocurrency will rally and grow after the next Bitcoin halving occurs in the coming months. However, he believes that the recent approval of spot bitcoin exchange-traded funds won’t significantly impact bitcoin’s rise. According to Lutnick, Americans may not have a strong use case for bitcoin and stablecoins, as they prefer buying stocks like Tesla.
Hot Take: Cantor Fitzgerald Chairman Affirms Tether’s Financial Strength
Howard Lutnick, the chairman of Cantor Fitzgerald, has confirmed that Tether has the funds it claims to have. As a custodian for Tether, Cantor Fitzgerald has thoroughly examined the stablecoin issuer’s balance sheet and has found that they possess the necessary funds. Lutnick’s affirmation provides concrete evidence of Tether’s financial strength, countering previous speculation about its reserves. Additionally, Lutnick expressed his support for Tether as a company and highlighted the usefulness of the USDT stablecoin in high-inflation countries. In terms of bitcoin, Lutnick predicts a rally and growth following the next Bitcoin halving but believes that recent spot bitcoin exchange-traded funds will not significantly impact its rise.
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