2024

<p>Tether claims to hold about 95 billion dollars in assets in its portfolios. Although some doubt the truth of this information, Howard Lutnik, CEO of one of the biggest intermediaries for Wall Street traders, is reassuring. He asserts that all this money does indeed exist.</p>
<h2 id="h-a-wall-street-ceo-defends-tether">A Wall Street CEO Defends Tether</h2>
<p>Tether, whose stablecoin has experienced <a href="https://www.cointribune.com/usdt-la-crypto-de-tether-souffre-dinstabilite/" target="_blank" rel="noopener noreferrer nofollow">recurring de-pegging last year</a>, is facing several challenges at the moment. Besides being <a href="https://www.cointribune.com/en/usdt-is-the-favored-stablecoin-of-scammers-according-to-the-united-nations/" target="_blank" rel="noopener noreferrer nofollow">accused of facilitating money laundering</a> by the UN, the issuer of USDT also suffers from a lack of confidence within the crypto community.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr">Cantor Fitzgerald CEO Howard Lutnick vouched for <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> issuer <a href="https://twitter.com/Tether_to?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Tether_to</a>'s legitimacy on Tuesday, assuring users that it holds the assets it says it has.<a href="https://t.co/uomlZmqnFg" rel="noopener noreferrer nofollow">https://t.co/uomlZmqnFg</a></p>— CoinDesk (@CoinDesk) <a href="https://twitter.com/CoinDesk/status/1747434280404275571?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 17, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div>
 </div>
</figure>
<p>«&nbsp;<em>Howard Lutnick, CEO of Cantor Fitzgerald, vouched for the USDT issuer Tether on Tuesday, assuring users that it holds the assets it claims to have.&nbsp;</em>»</p>
<p>According to <a href="https://www.coindesk.com/business/2024/01/16/big-wall-street-ceo-addresses-controversy-around-tethers-stablecoin-assets-they-have-the-money/?utm_term=organic&amp;utm_source=twitter&amp;utm_content=editorial&amp;utm_medium=social&amp;utm_campaign=coindesk_main" target="_blank" rel="noopener noreferrer nofollow">CoinDesk</a>, Howard Lutnick guaranteed the legitimacy of Tether during a recent interview on Bloomberg TV. When the journalist asked him if Tether has the money it claims to have, he replied:</p>
<p>«&nbsp;<em>I manage a significant amount of their assets. From what I’ve seen – and we have done a lot of work – they have the money they claim to have.</em>&nbsp;»</p>
<p>Coming from a Wall Street icon, this statement should dispel doubts about Tether’s reserves, although an official audit is awaited. In the absence of Proof-of-Reserve, confidence relies on this influential declaration, despite calls for increased transparency like those from Binance.</p>
<p>It is pertinent to note that Lutnick, the owner of Cantor Fitzgerald, a renowned brokerage firm, is well-positioned for direct transactions with the Federal Reserve, being one of the 25 dealers for U.S. Treasury securities.</p>
<h2 id="h-an-eagerly-awaited-official-audit">An Eagerly Awaited Official Audit</h2>
<p>As proof of reserve gains popularity following the fall of FTX in November 2022, users and investors are looking for guarantees to avoid similar setbacks. Binance has responded with a designated auditor, Mazars Group.</p>
<p>Tether, until now, has been content with attestation reports. The latest in September mentioned asset reserves of 86.4 billion dollars and liabilities of 83.2 billion dollars. The question of an official audit thus remains crucial for establishing lasting trust.</p>

Crypto USDT: CEO of Cantor Fitzgerald defends Tether

Table of Contents

Cointribune EN

Other articles published on Jan 17, 2024

Terra Luna Classic EVM Proposal Officially Passed, LUNC Price To $1?

Socket Loses $3.3 Million in Hack Due to Input Validation Flaw

Coinbase Vs SEC: Judge Failla Slams SEC Over Crypto Definitions, Praises DeFi’s Clarity

Ripple CEO Says Bitcoin ETF Approval Signals ETFs for Various Crypto Assets

Ethereum Co-Founder Vitalik Buterin Says Validiums are Not Genuine Rollup Solutions

XRP on the Radar As Analysts Predict Big Moves If Bitcoin Takes a Dip

Join our free newsletter for daily crypto updates!