{"id":66896,"date":"2023-12-13T17:38:58","date_gmt":"2023-12-13T21:38:58","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=66896"},"modified":"2023-12-13T17:41:51","modified_gmt":"2023-12-13T21:41:51","slug":"wall-street-ceo-reveals-his-love-for-tether-bitcoin","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/wall-street-ceo-reveals-his-love-for-tether-bitcoin\/","title":{"rendered":"Wall Street CEO Reveals His Love for Tether, Bitcoin"},"content":{"rendered":"\n

In a CNBC interview, Howard Lutnick, the CEO of Cantor Fitzgerald, a leading Wall Street brokerage firm, shared his admiration for Tether,<\/a> the largest stablecoin issuer, and Bitcoin, the top cryptocurrency. He also disclosed that he holds Tether\u2019s treasuries, worth over $90 billion.<\/p>\n\n\n\n

\"Wall<\/figure>\n\n\n\n

Lutnick, who described himself as a \u201cbig fan\u201d<\/em> of Tether,\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> said that Cantor Fitzgerald has been managing Tether\u2019s multibillion-dollar United States Treasury portfolio for several years. He said Tether\u2019s treasuries are \u201cvery safe\u201d<\/em> and \u201cvery liquid.\u201d<\/em><\/p>\n\n\n\n

The partnership between Cantor and Tether <\/use><\/svg><\/span><\/a>reportedly started in late 2021, according to anonymous sources cited by The Wall Street Journal in a February 10 report. <\/p>\n\n\n\n

Cantor Fitzgerald, which is one of the few brokerage firms that can trade Treasury bonds, has overcome the hesitation of major financial institutions to provide services to Tether. <\/p>\n\n\n\n

Wells Fargo, for example, stopped processing Tether\u2019s wire transfers for its Taiwanese accounts in 2017.<\/p>\n\n\n\n

Despite being the largest stablecoin by market capitalization, Tether faces criticism for its lack of transparency regarding reserves. In a recent stablecoin stability assessment by S&P Global, Tether received the second-lowest rating out of eight U.S. dollar-pegged stablecoins. <\/p>\n\n\n\n

The assessment considered factors such as asset management, audits, risk appetite, primary market redeemability, secondary market payment rails, and the track record of maintaining its U.S. dollar peg.<\/p>\n\n\n\n

While acknowledging concerns about Tether\u2019s long-term stability, Lutnick suggested potential benefits for countries facing currency collapse, citing Argentina as an example. <\/p>\n\n\n\n

Argentina\u2019s president, Javier Milei, has expressed intentions to abolish the country\u2019s central bank and transition to the U.S. dollar. <\/p>\n\n\n\n

James Check, the lead on-chain analyst at blockchain analytics firm Glassnode, envisions Tether as a potential central bank digital currency (CBDC) controlled by the United States.<\/p>\n\n\n\n

Initially expressing a general favor for crypto, Lutnick later refined his praise to focus specifically on Bitcoin.<\/use><\/svg><\/span><\/a> He expressed skepticism about \u201cother coins,\u201d referring to them as \u201cmake-believe.\u201d <\/p>\n\n\n\n

Lutnick highlighted Bitcoin\u2019s halving cycles and lack of a centralized entity as key reasons for considering it a valuable asset. <\/p>\n\n\n\n

In contrast, he pointed out that Tether can be frozen upon request, and Ethereum can be influenced by individuals such as Joe Lubin.<\/p>\n\n\n\n

\n

“I am a fan of crypto, but let me be very specific: bitcoin, just bitcoin. These other coins, they are just not a thing,”… “I'm a big fan of this stablecoin called Tether, I hold their Treasuries. So I keep their Treasuries, and they have a lot of Treasuries,”<\/p>\nHoward Lutnick on CNBC's Money Movers podcast<\/use><\/svg><\/span><\/a>.<\/cite><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

In a CNBC interview, Howard Lutnick, the CEO of Cantor Fitzgerald, a leading Wall Street brokerage firm, shared his admiration for Tether, the largest stablecoin issuer, and Bitcoin, the top cryptocurrency. He also disclosed that he holds Tether\u2019s treasuries, worth over $90 billion. Lutnick, who described himself as a \u201cbig fan\u201d of Tether, said that […]<\/p>\n","protected":false},"author":44,"featured_media":66899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,17574,17572,1103],"class_list":["post-66896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-cantor-fitzgerald","tag-howard-lutnick","tag-tether"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/btc-tether.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=66896"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/66899"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=66896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=66896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=66896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}