Wall Street Titan Howard Lutnick Gives Thumbs Up to Tether's Financial Fortitude

Tether, the issuer of the widely used USDT stablecoin with a market capitalization exceeding $95 billion, received a strong vote of confidence from Cantor Fitzgerald CEO Howard Lutnick. In a recent interview on Bloomberg TV, Lutnick, a prominent Wall Street figure, vouched for Tether's legitimacy, addressing one of the longstanding questions in the crypto world: whether Tether possesses the assets it claims to back its stablecoin. Cantor Fitzgerald, recognized as a major bond trading house on Wall Street and a primary dealer for U.S. Treasurys, lends credibility to Lutnick's endorsement. He mentioned managing some of Tether's assets and expressed his belief in the veracity of their financial claims, particularly pointing to their latest attestation report, which revealed $86.4 billion in assets against $83.2 billion in liabilities as of September 30. Although Tether's asset composition has shifted towards safer U.S. Treasuries and away from commercial paper, some in the industry still harbour doubts about the quality of these assets. These concerns were recently accentuated by a low credit rating from S&P Global, which evaluated factors like asset quality, regulatory compliance, governance, transparency, liquidity, redeemability, and track record.