Financial disclosures or reports from Cantor Fitzgerald or major financial news outlets

Howard Lutnick's Cantor Fitzgerald Acquires 5% Tether Stake for $600M, Plans $2B Bitcoin Lending Program

Nov 24, 2024, 01:48 PM

Cantor Fitzgerald, a major U.S. financial services firm led by CEO Howard Lutnick, has agreed to acquire a 5% stake in Tether Holdings, the largest issuer of stablecoins, for up to $600 million. The deal positions Cantor Fitzgerald as a key partner for Tether, which issues the widely used USDT stablecoin and holds $134 billion in assets, primarily in U.S. Treasury bills. Simultaneously, Lutnick has been nominated by President-elect Donald Trump to serve as the next Secretary of Commerce, highlighting his growing influence in both the financial and political spheres. Cantor Fitzgerald is also discussing a $2 billion program to lend dollars to clients who put up Bitcoin as collateral, potentially with support from Tether. Reports suggest that Lutnick may use his political influence to defuse regulatory threats facing Tether. This strategic partnership is expected to strengthen Tether's position and advance Cantor Fitzgerald's ambitions in cryptocurrency lending.