Cantor Fitzgerald Chairman Brandon Lutnick Says He Personally Checked Tether’s Reserves

Cantor Fitzgerald Chairman Brandon Lutnick personally verified Tether’s reserves when the agency started its relationship with the stablecoin big, he stated on Wednesday at Consensus 2025 in Toronto.

The 27-year-old stated that within the early days of Cantor Fitzgerald and Tether’s relationship, there have been “a lot of rumors” that Tether didn’t have the property it claimed to have, referring to then-rampant hypothesis that Tether was not totally backed. New York Attorney General Letitia James alleged in 2019 that Tether had an almost $1 billion gap in its books, although the regulator later settled these allegations with Tether and its sister agency, Bitfinex.

“I personally checked a lot of their reserves, and we proved a lot of those rumors wrong,” Lutnick stated. Tether has maintained it has been totally backed, no less than since its settlement with New York.

Lutnick was appointed chairman of Cantor Fitzgerald — the personal dad or mum firm that controls the funding financial institution of the identical title, brokerage BCG Group, and industrial actual property firm Newmark Group — in February, shortly after U.S. President Donald Trump named his father, Cantor Fitzgerald’s former CEO Howard Lutnick, U.S. Commerce secretary.

Prior to taking the helm at Cantor Fitzgerald, Lutnick labored for the agency in one other government function. He denied stories from Bloomberg that he interned with Tether in Lugano, Switzerland in 2023.

“Bloomberg actually reported that I was a Tether intern. That is not true,” Lutnick stated. “But I did learn a lot about crypto from the Tether guys — they orange-pilled me.”