``` Cantor Fitzgerald CEO praises Tether and Bitcoin - Coin Postman
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Cantor Fitzgerald CEO praises Tether and Bitcoin

Howard Lutnick, the CEO of Wall Road agency Cantor Fitzgerald, has praised USDT stablecoin issuer Tether, describing himself as a “huge fan” of the agency.

“I’m a giant fan of this stablecoin referred to as Tether…I maintain their treasuries. So I hold their treasuries, they usually have lots of treasuries,” Lutnick said in a Dec. 11 interview with CNBC.

“They’re over $90 billion now, so I’m a giant fan of Tether,” the Cantor Fitzgerald CEO stated.

Notably, Cantor Fitzgerald has been serving to manage Tether’s multibillion-dollar United States Treasury portfolio for a number of years, regardless of many Wall Road corporations shying away from crypto companies, significantly within the wake of the Silicon Valley Bank crash.

A Feb. 10 report from The Wall Road Journal stated the partnership between Cantor and Tether started in late 2021, citing nameless sources accustomed to the matter.

Cantor Fitzgerald is one of some brokerage corporations that may commerce Treasury bonds, together with Charles Schwab, Constancy and Vanguard.

Different massive monetary establishments have been reluctant to supply providers to Tether. Wells Fargo stopped processing Tether’s wire transfers as a correspondent for its Taiwanese accounts in 2017.

Regardless of being the most important stablecoin by market cap, Tether continues to be referred to as out for its lack of transparency relating to its reserves. It not too long ago carried out poorly in S&P World’s stablecoin stability assessment, with the second-lowest rating out of eight U.S. dollar-pegged stablecoins.

The evaluation factored within the agency’s administration of belongings, audits, threat urge for food, main market redeemability, secondary market cost rails and monitor report with sustaining its U.S. greenback peg.

Regardless of the wariness round its long-term stability, Lutnick prompt Tether may benefit currency-collapsing nations like Argentina, the place its new Bitcoin-friendly president, Javier Milei, has pledged to abolish the country’s central bank and transition to the U.S. greenback.

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Comparable concepts had been echoed by James Test, lead on-chain analyst at blockchain analytics agency Glassnode, who referred to Tether as “the CBDC” that shall be managed by america however is also more and more relied on by creating nations seeking to dollarize.

Lutnick likes Bitcoin too

The CEO initially claimed that he was a “fan of crypto” however then backtracked to supply extra particular reward for Bitcoin (BTC).

“These different cash, they’re not a factor […] They’re sort of make-believe, Perhaps Ethereum is OK.”

Lutnick referred to Bitcoin’s halving cycles and its lack of a centralized entity as two of the principle the reason why he sees worth in holding it.

“The one asset folks might have held the place nobody might take it? Bitcoin […] it’s uncontrollable,” Lutnick stated. “With Tether, you may name Tether, they usually’ll freeze it. With Ethereum, you may name Joe Lublin.”

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