From Nasdaq:

Howard Lutnick, chairman and CEO of Cantor Fitzgerald, says Tether has the money the stablecoin issuer claims to have. Cantor has been a Tether custodian since late 2021 and has been able to examine portions of Tether’s balance sheet.

Cantor Fitzgerald, founded in 1945, is tying its reputation to Tether. Lutnick’s comments are significant, as he is perhaps the only person outside of crypto with a reputation to lose, willing to speak out in favor of Tether.

Tether’s market cap is four times as much as its next largest competitor, USDC. If there is a dollar or dollar equivalent held in reserve backing the $99.5 billion+ of USDT in circulation, that means Cantor has a lot of assets to potentially use to earn revenue.

Tether has been claiming it will supply an actual audit for years. The quarterly attestations Tether provides offer only a glimpse into the systemically-important stablecoin. For instance, it was once a popular trope that Tether was responsible for driving up the price of bitcoin [BTC], by inflating the market with counterfeit dollars.



Read more: Does Howard Lutnick Know ‘the Truth’ About Tether?