Cantor Fitzgerald CEO Confirms Tether Assets Worth $86 Billion

Howard Lutnick, CEO of Cantor Fitzgerald, a firm that is the custodian of Tether's assets, recently confirmed the legitimacy of Tether's reported assets. Tether, which is the issuer of the USDT stablecoin, has stated that it has approximately $86 billion in assets through June 2023, an amount large enough to support its $83 billion USDT circulation.

Cantor Fitzgerald Legitimate Tether Asset Value

Cantor Fitzgerald's role is critical in managing these assets for Tether. This confirmation from Lutnick is important, especially because there was previously much doubt regarding Tether's claim that every USDT is fully backed by US dollars.

In an interview with Bloomberg Television, Lutnick confirmed that Tether does have the funds they claim. He also added that his firm has thoroughly reviewed Tether's financials, which helps dispel any existing doubts regarding Tether's fund holdings.

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Tether Fined $40 Million by US Regulators

USDT, which is the largest stablecoin with a circulation of nearly $95 billion, ran into problems with US regulators in 2021.

Tether was fined more than $40 million for allegedly making misleading statements about its financial reserves.

After that, Tether began issuing statements from third-party accounting firms to provide an overview of its reserves, although they did not perform a full audit.

USDT Accused of Being a Money Laundering Tool

In addition, recently, a report from the UN Office on Drugs and Crime stated that USDT is often used for money laundering and other illegal transactions.

In response, Tether reiterated its commitment to preventing the misuse of cryptocurrencies in criminal activities. Tether states that blockchain technology that allows transaction tracking makes it less likely that their tokens will be used for illegal purposes.

Also read: Tether USDT accused of being a money laundering tool in Southeast Asia

Tether has also committed to assisting US regulators in identifying and seizing crypto assets linked to criminal activity. Last November, Tether froze $225 million in USDT assets linked to a trading syndicate being investigated by the US Department of Justice.

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