Tether has been using Cantor Fitzgerald to manage more than half of the $67 billion in bonds, cash, and loans backing its stablecoin (USDT), reports the WSJ.
Privately-held and led by Howard Lutnick, Cantor Fitzgerald is among the best-known bond trading houses on Wall Street, and one of 25 primary dealers for U.S. Treasurys, allowing direct trade with the Federal Reserve.
Tether earlier this week reported assets at year-end 2022 of $67 billion, $39.2 billion of which were in U.S. Treasury bills. The rest of the assets were in money market funds, cash and other items.
According to the WSJ report, Cantor is managing a $39 billion bond portfolio for the stablecoin issuer.