According to PANews, Howard Lutnick, nominated by U.S. President-elect Donald Trump for the position of Commerce Secretary, is reportedly exploring ways to strengthen financial ties with the company behind the world's largest stablecoin, Tether. Lutnick's financial services firm, Cantor Fitzgerald, is planning a $2 billion project that aims to offer dollar loans to clients using Bitcoin as collateral.
The report, citing sources familiar with the matter, indicates that Cantor Fitzgerald is in discussions to secure support from Tether to help fund this ambitious project, which could potentially reach a scale of tens of billions of dollars. Tether is known to utilize U.S. Treasury securities worth billions of dollars held by Cantor to back the value of its stablecoin. This financial relationship reportedly generates tens of millions of dollars annually for Lutnick's company. The collaboration between Cantor Fitzgerald and Tether underscores the growing intersection of traditional finance and the cryptocurrency sector, as major financial entities increasingly explore blockchain-based solutions.
