
Cantor Fitzgerald executives reaffirm Tether’s reserve backing amid $180B USDT in circulation, even as S&P Global Ratings cites Bitcoin exposure risks.
Cantor Fitzgerald Chairman Brandon Lutnick stated at Consensus Toronto 2025 that he personally verified much of Tether’s reserves, countering past rumors about undercollateralization. Cantor has served as custodian for Tether’s U.S. Treasuries since at least 2021, with former chairman Howard Lutnick, now U.S. Commerce Secretary, previously confirming the relationship. Tether currently has over $180 billion USDT in circulation. While the firm has expanded, including plans to launch a new U.S.-focused stablecoin under former White House official Bo Hines with Cantor managing reserves, critics remain. Last month, S&P Global Ratings downgraded USDT, warning that high Bitcoin exposure could make the stablecoin undercollateralized if BTC prices fell sharply.