According to PANews, Howard Lutnick, the Commerce Secretary nominated by U.S. President-elect Trump, is exploring strengthening financial ties with Tether and plans to launch a $2 billion project.
The project will provide dollar loans to clients using bitcoin as collateral. Cantor Fitzgerald is in discussions to get Tether’s support to help finance the project, which could amount to tens of billions of dollars.
Tether uses Cantor’s holdings of U.S. Treasuries to back the value of its stablecoin, a relationship that helps Lutnick’s company earn tens of millions of dollars a year.
