Tether was an outlaw for years. Now the $132 billion stablecoin has a key ally in Trump’s cabinet
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Trump pick Lutnick's firm in talks with Tether for $2 billion bitcoin lending project, Bloomberg reports
By Reuters | November 25, 2024
Nov 24 (Reuters) - U.S. President-elect Donald Trump's pick for Commerce secretary, Howard Lutnick, is in talks to deepen his financial ties with the company operating the world's largest stablecoin, Tether, by launching a $2 billion project to lend dollars to clients against bitcoin, Bloomberg News reported on Sunday.
Lutnick's financial services firm, Cantor Fitzgerald, is discussing receiving support from Tether to help fund the project, which could potentially reach tens of billions of dollars, the report said, citing people familiar with the matter.
"Tether Investments is looking to use part of the profits generated in the past years for different opportunities", Tether said in an e-mailed response to Reuters.
Cantor Fitzgerald did not immediately respond to a Reuters request for comment outside business hours. Tether uses Cantor to hold billions of dollars worth of Treasuries that support the value of its stablecoin in a relationship that helps Lutnick's firm earn tens of millions of dollars annually, Bloomberg reported.
Stablecoins are digital tokens designed to keep a constant value, and are backed by traditional currencies such as the U.S. dollar or euro.
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More:
Cantor Fitzgerald CEO Howard Lutnick backs cryptocurrency Tether despite Hamas links
In Australia digital IDs will be required to participate in social media whereas in the US the technocrats are trying to get the digital IDs through by claiming it is to "prevent voting fraud." In this transition to a new monetary system anonymity will be removed:
Tether's US dollar collateralized stablecoin, USDT (Tether), received an important confirmation. This "confirmation" was provided by Howard Lutnick, CEO of Cantor Fitzgerald reported by Bloomberg. What's going on here is a transition to a new financial and monetary system:
Cantor CEO Howard Lutnick's full comments on Bloomberg about Tether:
— nic carter (@nic__carter) January 16, 2024
"I manage many of their assets. [...] from what we've seen, and we did a lot of work, they have the money they say they have [...] we've seen it, and they have it" pic.twitter.com/vCKFW3Xu9n
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