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Custodian Cantor Fitzgerald Endorses: Tether Really Has Reserve Assets

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Custodian Cantor Fitzgerald Endorses: Tether Really Has Reserve Assets

During an interview with Bloomberg TV, Cantor Fitzgerald's Chairman and CEO, Howard Lutnick, stated that as the custodian for the stablecoin issuer Tether, Cantor Fitzgerald has reviewed a portion of its balance sheet and confirmed that Tether does indeed possess the claimed reserves for its USDT stablecoin.

Cantor Endorses, Tether Does Have the Money

According to a report by The Block, the U.S. financial services company Cantor Fitzgerald has been serving as a custodian for Tether since the end of 2021. As its custodian, Cantor manages many of Tether's assets and has audited part of its balance sheet. Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, stated in an interview with Bloomberg TV at the World Economic Forum in Davos that Tether indeed holds the reserves it claims for its USDT stablecoin.

Lutnick pointed out that in Tether's latest attestation report released in October, it announced that as of September, its assets were valued at around $86 billion to back its approximately $83 billion worth of USDT stablecoins. However, people continue to debate: do they really have it?

I've seen a lot of companies, and I really saw it—they really do!

Founded in 1945, Cantor Fitzgerald focuses on institutional equity, fixed income sales and trading, is one of the 24 primary dealers approved by the Federal Reserve Bank of New York, and is also a designated Authorized Participant AP for the Bitcoin spot ETF issued by Valkyrie.

Latest Tether Reserve Report: Does Tether's third quarter excess reserves of $3.2 billion, with $1 billion in profits, go towards investments?

USDT Firmly Holds the Throne of Stablecoins

In the interview, Lutnick mentioned that he likes Tether and added that USDT is a way for high inflation countries like Argentina, Venezuela, and Turkey to hold dollars.

According to The Block's statistics, USDT still firmly holds the top spot among stablecoins, with a current supply of $99.5 billion, accounting for 71% of the total stablecoin market value.