Howard Lutnick, the CEO of Cantor Fitzgerald, has expressed his admiration for Tether, a stablecoin issuer, stating that he is a “big fan” of the company. Lutnick revealed that he holds Tether’s treasuries, which currently amount to over $90 billion. Cantor Fitzgerald has been managing Tether’s multi-billion dollar Treasury portfolio for several years, despite other Wall Street firms being hesitant to engage with crypto businesses.
While Tether is the largest stablecoin by market cap, it has faced criticism for its lack of transparency regarding its reserves. In a recent stability assessment conducted by S&P Global, Tether received the second-lowest ranking out of eight U.S. Dollar-pegged stablecoins. However, Lutnick believes that Tether could be beneficial for countries experiencing currency collapse, such as Argentina.
In addition to his support for Tether, Lutnick also expressed his positive views on Bitcoin. He referred to other cryptocurrencies as “make-believe” and highlighted Bitcoin’s halving cycles and lack of centralized control as reasons for its value. Lutnick emphasized that Bitcoin is an asset that cannot be seized by anyone.
Overall, Lutnick’s endorsement of Tether and Bitcoin showcases his confidence in the potential of stablecoins and cryptocurrencies, despite the concerns surrounding their stability and transparency.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇺🇸 🇦🇷 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Howard Lutnick |
| Companies | Tether, Wells Fargo, Wall Street Journal, Cantor Fitzgerald, S&P Global |
| Currencies | Tether, Ethereum, Bitcoin |
| Securities | None |
