{"id":26552,"date":"2023-12-13T05:36:21","date_gmt":"2023-12-13T05:36:21","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/im-a-big-fan-cantor-fitzgerald-ceo-praises-tether-and-bitcoin\/"},"modified":"2023-12-13T05:36:23","modified_gmt":"2023-12-13T05:36:23","slug":"im-a-big-fan-cantor-fitzgerald-ceo-praises-tether-and-bitcoin","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/im-a-big-fan-cantor-fitzgerald-ceo-praises-tether-and-bitcoin\/","title":{"rendered":"\u2018I\u2019m a big fan\u2019: Cantor Fitzgerald CEO praises Tether and Bitcoin"},"content":{"rendered":"

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Howard Lutnick, the CEO of Wall Street firm Cantor Fitzgerald has praised stablecoin issuer Tether (USDT), describing himself as a “big fan” of the firm.<\/p>\n

“I’m a big fan of this stablecoin called Tether…I hold their treasuries. So I keep their treasuries, and they have a lot of treasuries,\u201d Lutnick said in a Dec. 11 interview with CNBC.<\/p>\n

\u201cThey’re over $90 billion now, so I’m a big fan of Tether,\u201d the Cantor Fitzgerald CEO said.<\/p>\n

Notably, Cantor Fitzgerald has been helping manage Tether\u2019s multi-billion dollar Treasury portfolio for several years, despite many Wall Street firms shying away from crypto businesses, particularly in the wake of the Silicon Valley Bank crash. <\/p>\n

A Feb. 10 report from the Wall Street Journal said the partnership between Cantor and Tether began in late 2021, citing anonymous sources familiar with the matter. <\/p>\n

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Cantor Fitzgerald CEO Howard Lutnick on Tether on CNBC:<\/p>\n

“I’m a big fan of this stablecoin called Tether…I hold their treasuries… and they have a lot of treasuries. They are over $90 billion now\u2026 I’m a big fan of Tether.”https:\/\/t.co\/mKeDnSe3iM<\/p>\n

\u2014 Gabor Gurbacs (@gaborgurbacs) December 12, 2023<\/a><\/p><\/blockquote>\n

Cantor Fitzgerald is one of a few brokerage firms that can trade Treasury bonds, along with Charles Schwab, Fidelity, and Vanguard.<\/p>\n

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Cantor CEO Howard Lutnick\u2019s comments on bitcoin and tether pic.twitter.com\/E4j3uFdbAl<\/a><\/p>\n

\u2014 nic carter (@nic__carter) December 13, 2023<\/a><\/p><\/blockquote>\n

Other large financial institutions have been reluctant to provide services to Tether. Wells Fargo stopped processing Tether\u2019s wire transfers as a correspondent for its Taiwanese accounts in 2017.<\/p>\n

Despite being the largest stablecoin by market cap, Tether continues to be called out for its lack of transparency regarding its reserves. It recently performed poorly in S&P Global\u2019s stablecoin stability assessment with the second-lowest ranking out of eight U.S. Dollar-pegged stablecoins. <\/p>\n

The assessment factored in the firm\u2019s management of assets, audits, risk appetite, primary market redeemability, secondary market payment rails, and track record with maintaining its U.S. dollar peg.<\/p>\n

Despite the wariness around its long-term stability, Lutnick suggested Tether could be beneficial for currency-collapsing countries like Argentina, whose new Bitcoin-friendly president Javier Milei has pledged to abolish the country\u2019s central bank and transition to the U.S. dollar. <\/p>\n

Related: <\/em><\/strong>Ex-Cantor execs launch crypto lending platform in expectation of Bitcoin ETFs<\/em><\/strong><\/p>\n

Similar ideas were echoed by James Check, lead on-chain analyst at blockchain analytics firm Glassnode, who referred to Tether as \u201cthe CBDC\u201d that will be controlled by the United States but could also be increasingly relied on by developing countries looking to dollarize.<\/p>\n

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Tether is the CBDC.<\/p>\n

Travis is dead on, if the USG can shut down Russia’s reserves…hard to argue they are incapable of closing down tether’s.<\/p>\n

Most probable reality is the USG just found an infinite bid for treasuries, exactly when they need a bail out from an unsustainable\u2026 https:\/\/t.co\/0i903ARV9x<\/p>\n

\u2014 _Check\u0271ate \u26a1\u2622\ufe0f\ufe0f (@_Checkmatey_) December 13, 2023<\/a><\/p><\/blockquote>\n

Lutnick likes Bitcoin too<\/h3>\n

The CEO initially claimed that he was a \u201cfan of crypto\u201d but then backtracked to offer more specific praise for Bitcoin.<\/p>\n

\u201cThese other coins, they\u2019re not a thing […] They\u2019re kind of make-believe, Maybe Ethereum is OK.\u201d<\/p><\/blockquote>\n

Lutnick referred to Bitcoin\u2019s halving cycles and its lack of a centralized entity as two of the main reasons why he sees value in holding it.<\/p>\n

\u201cThe only asset people could have held where no one could take it? Bitcoin […] it is uncontrollable,\u201d Lutnick said. \u201cWith Tether, you can call Tether and they\u2019ll freeze it. With Ethereum, you can call Joe Lublin.\u201d<\/p>\n

Magazine:<\/em><\/strong> <\/em><\/strong>Beyond crypto \u2014 Zero-knowledge proofs show potential from voting to finance<\/em><\/strong><\/p>\n<\/div>\n