Wall street institution Cantor Fitzgerald reportedly manages $39B of Tether’s reserves News ▸ Tether ▸ Stablecoins
Wall street institution Cantor Fitzgerald reportedly manages $39B of Tether’s reserves
Tether reported that it held assets worth $67.04 billion as of Dec. 31 — the assets included $39.2 billion of U.S. Treasury bills.
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Updated: Feb. 10, 2023 at 8:44 pm UTC
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Stablecoin issuer Tether (USDT) is reportedly using Wall Street financial institution Cantor Fitzgerald to manage its $39 billion bond portfolio, Wall Street Journal reported Feb. 10.
According to the report, the stablecoin issuer began using Cantor Fitzgerald in 2021 after it reached a settlement agreement with a financial regulator over the management of its reserves.
WSJ reported that the portfolio suggested that Wall Street firms might be willing to do business with crypto firms despite the regulatory uncertainty in the industry.
Cantor Fitzgerald is one of the few firms directly trading with the U.S. Federal Reserves because it is a primary dealer for the U.S. Treasurys.
Earlier this week, Tether reported that it held assets worth $67.04 billion as of Dec. 31 — the assets included $39.2 billion of U.S. Treasury bills. Its other assets were held in money market funds, cash, corporate bonds, precious metals, and other items.
Tether was yet to respond to CryptoSlate’s request for comment as of press time.
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Posted In: Tether, Stablecoins
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
