Cantor Fitzgerald Chairman Reveals Personally Verifying Tether's Reserves in Early Days

BlockBeats News, May 15th, according to CoinDesk, Cantor Fitzgerald Chairman Brandon Lutnick revealed at the Toronto Consensus 2025 conference that in the early days of partnering with Tether, he personally verified the stablecoin issuer's reserve status. This was done in response to market concerns about Tether's reserve adequacy. In 2019, the New York Attorney General accused Tether of having nearly a $1 billion fund gap, but the two parties later reached a settlement.

Lutnick took over as Chairman of Cantor Fitzgerald in 2025. His father, Howard Lutnick, was appointed as the U.S. Secretary of Commerce by Trump. He denied media reports about his internship at Tether in 2023 but admitted to learning about cryptocurrency from the Tether team.