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Singer Fitzgerald plans Bitcoin lending program in partnership with Tether
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Financial services company Cantor Fitzgerald is developing a program that will allow loans in dollars with Bitcoin as collateral, according to information from Bloomberg. As the report stated, initially, the program will have US$2 billion, with plans to expand to tens of billions of dollars.
Although it has not yet been officially launched, Cantor Fitzgerald is recruiting professionals to join the project. Sources familiar with the matter have indicated that if Tether decides to participate, it will be one of several financial contributors involved.
The relationship between Cantor Fitzgerald and Tether is already significant. After all, the company plays an important role in the custody of billions of dollars in US Treasury bonds that back Tether’s stablecoin, USDT.
This escrow service generates tens of millions of dollars in annual revenue for the company. Additionally, Cantor Fitzgerald has been providing banking support to Tether even as other financial institutions have backed away from the issuer of the world’s largest stablecoin.
Shareholding and political support
Over the past 12 months, Cantor Fitzgerald acquired a 5% stake in Tether for approximately $600 million, according to the Wall Street Journal.
Cantor Fitzgerald CEO Howard Lutnick, who is also an advisor to Donald Trump’s transition team, was recently nominated by the president-elect to take on the role of Secretary of Commerce. After confirmation by the Senate, Lutnick will leave command of the company.
With Lutnick’s entry into the US government, there is speculation that Tether may receive significant political support. Also according to the Wall Street Journal, Lutnick would have influence in choosing members of the new administration who will be able to oversee issues related to Tether. Furthermore, Giancarlo Devasini, possibly Tether’s largest shareholder, stated that Lutnick would use his political influence to neutralize possible threats against the company.
Tether has faced questions about whether it has enough reserves to back USDT at a 1:1 ratio with the US dollar. Lutnick, however, has publicly defended Tether’s ability to maintain such reserves.
In addition, the company is being investigated in the US for possible violations of sanctions and anti-money laundering rules, accusations that Tether denies. Lutnick, for his part, is an advocate of digital assets, having argued that Bitcoin should be treated as a commodity, like gold or oil.
Singer Fitzgerald plans Bitcoin lending program in partnership with Tether
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Singer Fitzgerald plans Bitcoin lending program in partnership with Tether
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Singer Fitzgerald plans Bitcoin lending program in partnership with Tether
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Singer Fitzgerald plans Bitcoin lending program in partnership with Tether
