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Home»BLOCKCHAIN NEWS»Trump friend Lutnick plans to expand $2 billion in Tether and Bitcoin lending: WSJ
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Trump friend Lutnick plans to expand $2 billion in Tether and Bitcoin lending: WSJ

By Crypto FlexsNovember 24, 20242 Mins Read
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Trump friend Lutnick plans to expand  billion in Tether and Bitcoin lending: WSJ
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Cantor Fitzgerald CEO Howard Lutnick, a candidate for President-elect Trump’s Secretary of Commerce, is looking to launch a $2 billion project to lend dollars to customers against Bitcoin.

As part of the setup, Cantor Fitzgerald has secured support from Tether, the company behind the world’s largest stablecoin, to fund the initiative.

The proposed program is expected to expand into tens of billions of dollars, according to the Wall Street Journal.

Cantor Fitzgerald currently serves as Tether’s custodian for billions of dollars of U.S. Treasury bonds backed by the USDT stablecoin. The report also stated that Cantor acquired about a 5% stake in Tether, worth $600 million.

Cantor has already begun hiring staff for the lending program, but formal lending operations have not begun.

Lutnick plans to delegate oversight of the company’s Tether relationships to colleagues as he prepares to transition to the Commerce Department. His son, Brandon Lutnick, who previously interned at Tether’s Lugano, Switzerland office, now works as a Cantor trader.

This development comes as Trump’s transition team considers creating a new White House position for cryptocurrency policy. Trump has recently emerged as a strong supporter of digital assets. He promoted projects including World Liberty Financial, which involved his son. If confirmed, Lutnick will oversee nearly 47,000 employees at Commerce, managing functions ranging from the Census Bureau to trade promotion.

Despite these developments, Tether continues to face regulatory scrutiny for potential sanctions violations and anti-money laundering issues, which the company denies. However, despite these claims, USDT remains the largest stablecoin with a market capitalization of over $132 billion.

Trump and Lutnick have maintained a professional and friendly relationship for many years, primarily through their joint involvement in the financial and real estate sectors.

In addition to participating in events over the years, Lutnick hosted a fundraiser for Trump during the presidential campaign.

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