The CEO of Cantor Fitzgerald LP confirms Tether’s reserves
Howard Lutnick, the CEO of Cantor Fitzgerald LP, has stated that Tether does hold some of the reserves it claims to have. The company has reviewed Tether’s financials and found that it holds assets of $86 billion to support its $83 billion USDT stablecoin.
Tether CEO promises live reserve breakdown
Tether has faced scrutiny for its quarterly attestations, which are not as rigorous as a full audit. However, the company buys US treasuries and uses cash equivalents to back its stablecoins. It keeps most of its reserves in short-term treasuries and pledges to redeem each USDT for $1.
Tether rival Circle praises crypto’s obscurity
Dante Disparte, the COO of stablecoin issuer Circle, believes that crypto fading into the background at the World Economic Forum is a positive development. He compares it to the dotcom era, where the internet had to go through a bubble phase before transitioning into more durable hands.
Circle lost market share to Tether after a banking crisis froze its assets in March 2023. However, the company is now focusing on compliance with regulations and has launched a euro-based stablecoin on Solana.
Hot Take: The controversy surrounding Tether
The controversies surrounding Tether have been numerous, including allegations of fake executive names and shell companies. The company also settled allegations that it lied about its reserves by paying $41 million. A recent UN report claimed that USDT was used in clandestine financial networks and money laundering in Asia. Despite this, Tether criticized the report for not recognizing the coin’s usefulness in emerging economies.
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