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Stablecoin Issuer Tether's Reserves Partly Managed by Cantor Fitzgerald: WSJ
The Wall Street bond trading powerhouse is managing Tether's $39 billion bond portfolio, according to the report.
Updated May 9, 2023, 4:08 a.m. Published Feb 10, 2023, 6:00 p.m.
Tether has been using Cantor Fitzgerald to manage more than half of the $67 billion in bonds, cash and loans backing its tether 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.
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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.
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