U.S. President-elect Trump's nominee for Secretary of Commerce, Howard Lutnick, is exploring ways to strengthen financial ties with Tether, the world's largest stablecoin operator, planning to launch a $2 billion project to offer dollar loans to clients backed by bitcoin.
Howard Lutnick's financial services company Cantor Fitzgerald is in discussions to obtain support from Tether to help fund a project that could amount to billions of dollars.
Tether currently holds billions of U.S. Treasury bonds through Cantor's custody business, which backs the value of its dominant USDT stablecoin. According to insiders, this custody relationship generates tens of millions of dollars in revenue for Cantor each year. (Bloomberg) #zachxbt
