Cantor Fitzgerald has invested in stablecoin issuer Tether during the past year, in a deal that would give the broker a 5% stake, which Cantor values at $600 million. That’s according to a Wall Street Journal report, citing sources. Cantor Fitzgerald CEO Howard Lutnick has been nominated to be US Secretary of Commerce and would divest his interest in Cantor to comply with government ethics rules.
For the past two or three years Cantor Fitzgerald has provided custody for the Treasury securities that back the Tether stablecoin, which account for more than 80% of the $132 billion in assets that back the stablecoin. According to the Journal, the company makes tens of millions in fees for providing the service.
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