Stock broker Cantor Fitzgerald controls more than half of Tether’s assets

One of the most famous Wall Street stock brokers, Cantor Fitzgerald, controls more than half of the assets of the USDT stablecoin issuer – it manages $ 39 billion in treasury bonds and bills.

This week, Tether released information about the status of its reserves. As of December 31, 2022, Tether’s assets amounted to about $67 billion, of which liabilities – $66.08 billion and equity – $960 million. At the same time, more than half of the company’s assets – about $39 billion – are placed in treasury bonds and bills, the management of which was transferred to one of the most respected on Wall Street to stock broker Cantor Fitzgerald.

Cantor Fitzgerald is a global financial company founded in 1945. She is best known for her bond trading business, which is considered one of the largest in the world. In addition, the company is one of 25 primary US Treasury bond dealers, allowing it to trade directly with the Federal Reserve. Through its role as the principal dealer in US Treasury securities, Cantor Fitzgerald has become one of the few companies with direct access to federal funds.

Thus, more than half of the reserves of the stablecoin Tether (USDT) are not only placed in highly liquid government securities, but also bring additional income when traded on the stock market.

In January, experts from US Cornell University commented on the growing popularity of stablecoins, which are preferred by a significant number of crypto investors. They noted that against the backdrop of the ongoing crypto winter, a drop in user confidence in stablecoins could lead to a collapse in the bond and US Treasury markets.