Trump pick Lutnick's firm in talks with Tether for $2B bitcoin lending program: report

seekingalpha11-24

IgorIgorevich/iStock Editorial via Getty Images President-elect Donald Trump's pick for Commerce secretary, Howard Lutnick is in talks with the company behind the world's largest stablecoin, Tether, ...

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Lutnick's financial services firm Cantor Fitzgerald is discussing receiving support from Tether for the program, the report said. Funding for the program will start at $2 billion and is expected to reach into the tens of billions eventually. According to the report, Tether currently uses Cantor's custody business to hold the billions of dollars of U.S. Treasuries that prop up the value of its USDT (USDT-USD) stablecoin.  Cantor Fitzgerald and Tether did not immediately respond to a Seeking Alpha request for comment.  Earlier in the week, Trump nominated Lutnick to lead the Commerce Department. Lutnick has emerged as one of Trump's key Wall Street supporters, organizing fundraisers and championing his policies in the media as co-chair of Trump's transition team. Lutnick has said that he plans to step down from Cantor Fitzgerald, brokerage BGC Group (NASDAQ:BGC) and property firm Newmark Group (NASDAQ:NMRK).  The Wall Street Journal reported yesterday that Cantor Fitzgerald had agreed to a 5% stake in Tether in the past year, with the stake valued up to $600 million when the agreement was made. Tether finance chief Giancarlo Devasini has said privately that Lutnick will use his political influence to try to defuse threats facing Tether, the WSJ report added.  The stablecoin issuer is reportedly being probed by the federal government for potential breaches of sanctions and anti-money-laundering rules. Last month, Tether CEO Paolo Adroino denied the report in a post on X.  Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485739794"}