Howard Lutnick, the CEO of Wall Street firm Cantor Fitzgerald, expressed his admiration for Tether, a stablecoin issuer, and called himself a “big fan” of the firm. He confirmed that Cantor Fitzgerald had been managing Tether’s multibillion-dollar Treasury portfolio for several years, regardless of the wariness of other Wall Street firms towards crypto businesses.
Although Cantor Fitzgerald is one of the few brokerage firms that can trade Treasury bonds, other large financial institutions have been hesitant to work with Tether. Wells Fargo ceased processing Tether’s wire transfers as a correspondent for its Taiwanese accounts in 2017. Despite this, Tether is the largest stablecoin by market cap and its trade with the U.S. dollar has accumulated over $90 billion, prompting Lutnick to praise the firm.
While Tether has faced criticism for its lack of transparency regarding its reserves and its performance in stability assessments, Lutnick suggested that it could be beneficial for currency-collapsing countries like Argentina. He also shared his positive opinion about Bitcoin, emphasizing its value in uncontrollability compared to other assets like Tether and Ethereum.
