Trump's pick for Commerce Secretary, Howard Lutnick (R), is in talks with the Company behind the World's largest Stablecoin, Tether, to launch a Multibillion-Dollar program to lend Dollars to clients against Bitcoin.
Lutnick's Financial Services Firm Cantor Fitzgerald, is discussing receiving Support from Tether for the Program. Funding for the Program will start at $2 billion and is expected to reach into the Tens of Billions eventually.
Tether currently uses Cantor's Custody Business to hold the Billions-of-Dollars of U.S. Treasuries. that prop up the Value of its USDT (USDT-USD) Stablecoin. Lutnick has emerged as One of Trump's Key Wall Street Supporters, organizing Fundraisers and Championing His Policies in the Media as Co-Chair of Trump's Transition Team.
Lutnick has said that He plans to step down from Cantor Fitzgerald, Brokerage BGC Group (NASDAQ:BGC), and Property firm Newmark Group (NASDAQ:NMRK).
The Wall Street Journal reported yesterday, that Cantor Fitzgerald had agreed to a 5% Stake in Tether in the past year, with the Stake valued up to $600 million when the Agreement was made.
Tether Finance Chief Giancarlo Devasini, has said Privately that Lutnick will use His Political influence to try to Defuse Threats facing Tether.
The Stablecoin Issuer is reportedly being Probed by the Federal Government for potential Breaches of Sanctions, and Anti-Money-Laundering Rules. Last month, Tether CEO Paolo Adroino Denied the Report in a Post on X.
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