Trump pick Howard Lutnick's firm in talks with Tether for $2 billion bitcoin lending project

From Investing.com

November 24, 2024 04:10 AM:

Howard Lutnick, Trump’s pick for Commerce Secretary, is in talks to launch a $2 billion project lending dollars against bitcoin with Tether. Cantor Fitzgerald, Lutnick’s firm, may receive support from Tether for the project, potentially reaching tens of billions of dollars.

Tether uses Cantor to hold billions of dollars worth of Treasuries to support its stablecoin value, earning Lutnick’s firm tens of millions annually. Trump nominated Lutnick to lead trade and tariff strategy at the Commerce Department, promoting cryptocurrency adoption. The department has a wide range of functions with 47,000 employees.

Read more at Investing.com: Trump pick Lutnick’s firm in talks with Tether for $2 billion bitcoin lending project, Bloomberg reports By Reuters