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.
Feb 10, 2023 at 6:00 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MZF43BI65FAHNIWZRHHNCQCVJM.jpg)
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.
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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Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.