A recent statement from Cantor Fitzgerald’s CEO Howard Lutnick has verified the accuracy, confirming the stablecoin issuer Tether’s claim about its substantial asset reserves.
Lutnick, whose firm is a custodian managing Tether’s assets, has backed Tether’s reports of holding assets totaling around $86 billion as of June. This aligns with the circulating supply of Tether’s USDT token, which exceeded $83 billion then.
By confirming these figures, Lutnick denies long-running doubts about whether Tether maintained sufficient dollar reserves to support a 1:1 USDT peg.
Given Cantor Fitzgerald’s direct role in supervising many of these assets, Lutnick is well-positioned to validate Tether’s financial health. This news comes on the list of Tether paying over $40 million in 2021 to settle the claim that it had misleadingly characterized the nature of its reserves.
Tether has recently taken additional steps to enhance confidence and transparency. This includes hiring an accounting firm for reserve audits and collaborating with regulators to prevent the illegal use of Tether tokens.
However, questions persist about topics ranging from the composition of reserves to the company’s susceptibility to runs during crises.
Also read: Tether Contests UN Report Linking USDT to Asian Cybercrime