Cantor Fitzgerald’s Lutnick Says Tether’s Reserves Do Exist (1)

<-bsp-bb-link state=”{“bbHref”:”bbg://securities/5658Z%20US%20Equity”,”_id”:”0000018d-12ce-de1f-adbf-17eeeaab0000″,”_type”:”0000016b-944a-dc2b-ab6b-d57ba1cc0000″}”>Cantor Fitzgerald LP-bsp-bb-link> Chief Executive Officer Howard Lutnick said his firm has reviewed some of <-bsp-bb-link state=”{“bbHref”:”bbg://securities/2213302D%20VI%20Equity”,”_id”:”0000018d-12ce-de1f-adbf-17eeeaab0002″,”_type”:”0000016b-944a-dc2b-ab6b-d57ba1cc0000″}”>Tether Holdings Ltd.-bsp-bb-link>’s balance sheet as the stablecoin issuer’s custodian and confirmed it holds the money it says it does.

Tether reported assets of about $86 billion at the end of June to back about $83 billion of its USDT stablecoin, Lutnick noted. He said Cantor Fitzgerald manages “many many” of those assets for Tether, which serves as a foundation for much of the cryptocurrency market and has faced speculation for years that its coin wasn’t backed one-to-one with dollars as claimed.

“They …