Prominent Wall Street stockbroker Cantor Fitzgerald has taken personal control of more than half of a $39 billion stablecoin issuer. This week, Tether released information about the state of its reserves. As of the end of December 2022, Tether’s assets were about $67 billion, of which $66.08 billion is liabilities and $960 million is equity. part of the company’s assets – about $ 39 billion – is placed in treasury bonds and bills, the management of which is transferred to one of the most respected stockbrokers on Wall Street, Cantor Fitzgerald.
One of Wall Street’s most famous stock brokers, Cantor Fitzgerald, has taken over half of USDT’s $39 billion stablecoin issuer under management.
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 were $66.08 billion and equity was $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 is transferred to one of the most respected stock brokers on Wall Street, Cantor Fitzgerald.
Cantor Fitzgerald is a global financial company founded in 1945.. She is best known for her bond trading business, considered one of the largest in the world.. In addition, the company is one of 25 primary dealers of US Treasury bonds, which allows 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.