Wall street institution Cantor Fitzgerald reportedly manages $39B of Tether’s reserves

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Sta­ble­coin issuer Teth­er (USDT) is report­ed­ly using Wall Street finan­cial insti­tu­tion Can­tor Fitzger­ald to man­age its $39 bil­lion bond port­fo­lio, Wall Street Jour­nal report­ed Feb. 10.

Accord­ing to the report, the sta­ble­coin issuer began using Can­tor Fitzger­ald in 2021 after it reached a set­tle­ment agree­ment with a finan­cial reg­u­la­tor over the man­age­ment of its reserves.

WSJ report­ed that the port­fo­lio sug­gest­ed that Wall Street firms might be will­ing to do busi­ness with cryp­to firms despite the reg­u­la­to­ry uncer­tain­ty in the industry.

Can­tor Fitzger­ald is one of the few firms direct­ly trad­ing with the U.S. Fed­er­al Reserves because it is a pri­ma­ry deal­er for the U.S. Treasurys.

Ear­li­er this week, Teth­er report­ed that it held assets worth $67.04 bil­lion as of Dec. 31 — the assets includ­ed $39.2 bil­lion of U.S. Trea­sury bills. Its oth­er assets were held in mon­ey mar­ket funds, cash, cor­po­rate bonds, pre­cious met­als, and oth­er items.

Teth­er was yet to respond to CryptoSlate’s request for com­ment as of press time.

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