Howard Lutnick, chairman of Wall Street trading firm Cantor Fitzgerald, is in discussions with Tether’s Giancarlo Devasini about Cantor’s multi-billion dollar program that will allow clients to borrow money using bitcoin as collateral, the Wall Street Journal reported on Sunday.
First announced in July, the lending initiative will start with $2 billion in funds, which could eventually grow to tens of billions of dollars. Tether’s potential inclusion in the project signals a deepening of the relationship between the stablecoin issuer and the trading firm.
Cantor — which has been the custodian for Tether’s U.S. Treasuries since 2021 — has also acquired a 5% stake in Tether, which issues the USDT stablecoin, worth around $600 million, according to the same report.
Tether operates the world’s most widely used stablecoin. Referenced to the U.S. dollar, it has a market cap of $132.76 billion, according to CoinMarketCap.
But the token has drawn scrutiny for its use by illicit acto
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