Cantor Fitzgerald Chairman Brandon Lutnick personally verified Tether’s reserves when the agency started its relationship with the stablecoin big, he stated on Wednesday at Consensus 2025 in Toronto.
The 27-year-old stated that within the early days of Cantor Fitzgerald and Tether’s relationship, there have been “quite a lot of rumors” that Tether didn’t have the belongings it claimed to have, referring to then-rampant hypothesis that Tether was not absolutely backed. New York Lawyer Normal Letitia James alleged in 2019 that Tether had a virtually $1 billion gap in its books, although the regulator later settled these allegations with Tether and its sister agency, Bitfinex.
“I personally checked quite a lot of their reserves, and we proved quite a lot of these rumors flawed,” Lutnick stated. Tether has maintained it has been absolutely backed, not less than since its settlement with New York.
Lutnick was appointed chairman of Cantor Fitzgerald — the personal guardian firm that controls the funding financial institution of the identical title, brokerage BCG Group, and business actual property firm Newmark Group — in February, shortly after U.S. President Donald Trump named his father, Cantor Fitzgerald’s former CEO Howard Lutnick, U.S. Commerce secretary.
Previous to taking the helm at Cantor Fitzgerald, Lutnick labored for the agency in one other govt function. He denied stories from Bloomberg that he interned with Tether in Lugano, Switzerland in 2023.
“Bloomberg truly reported that I used to be a Tether intern. That’s not true,” Lutnick stated. “However I did study quite a bit about crypto from the Tether guys — they orange-pilled me.”
