{"id":42103,"date":"2024-11-25T22:53:47","date_gmt":"2024-11-25T22:53:47","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/lutnicks-cantor-wants-to-use-tether-to-support-a-2-billion-bitcoin-lending-program\/"},"modified":"2024-11-25T22:53:47","modified_gmt":"2024-11-25T22:53:47","slug":"lutnicks-cantor-wants-to-use-tether-to-support-a-2-billion-bitcoin-lending-program","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/lutnicks-cantor-wants-to-use-tether-to-support-a-2-billion-bitcoin-lending-program\/","title":{"rendered":"Lutnick\u2019s Cantor wants to use Tether to support a $2 billion Bitcoin lending program"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/06_The-US-Dollar-and-a-few-Tether-coins-4-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/06_The-US-Dollar-and-a-few-Tether-coins-4-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/06_The-US-Dollar-and-a-few-Tether-coins-4-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/06_The-US-Dollar-and-a-few-Tether-coins-4-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li aria-level=\"1\">Funding for Cantor\u2019s program will start at $2 billion, but could reach tens of billions of dollars<\/li>\n<li aria-level=\"1\">Cantor has a 5% ownership interest in Tether, valued as much as $600 million<\/li>\n<li aria-level=\"1\">Howard Lutnick is to step down as Cantor\u2019s CEO when his position as US Commerce Secretary is confirmed by the US Senate<\/li>\n<\/ul>\n<p>Cantor Fitzgerald is reportedly planning a multi-billion dollar program, which could see it receiving support from Tether.<\/p>\n<p>According to people familiar with the matter, the planned program would enable the financial services company\u2019s clients to lend dollars using Bitcoin as collateral, reports <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-24\/lutnick-s-cantor-in-talks-with-tether-about-bitcoin-lending-program-usdt\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a>. Funding for the program will start at $2 billion, but could reach tens of billions.<\/p>\n<p>While lending has yet to start, if <a href=\"https:\/\/coinjournal.net\/search\/tether\">Tether<\/a> takes part, it would be one of many financial contributors to the program. Cantor already manages most of Tether\u2019s assets through its custody business, bringing in tens of millions of dollars to Cantor each year.<\/p>\n<p>More recently, Cantor struck a deal with Tether, with it receiving 5% in ownership interest in the <a href=\"https:\/\/coinjournal.net\/search\/stablecoin\">stablecoin<\/a>, valued as much as $600 million, reports <a href=\"https:\/\/www.wsj.com\/finance\/currencies\/howard-lutnick-giancarlo-devasini-tether-cryptocurrency-3d0a961c\" target=\"_blank\" rel=\"noopener\">The Wall Street Journal<\/a>. According to the report, a statement was issued before Howard Lutnick\u2019s, CEO of Cantor, selection as US Commerce Secretary was announced.<\/p>\n<p>A Tether spokesperson said that its \u201crelationship with Cantor is entirely professional\u201d and that \u201cLutnick\u2019s involvement in a transition team somehow translates to influence over regulatory actions is laughable.\u201d<\/p>\n<h2>\u201cShow me the money\u201d<\/h2>\n<p>News of Cantor\u2019s plans comes as Lutnick was nominated as Commerce Secretary last week as President-elect <a href=\"https:\/\/coinjournal.net\/search\/donald+trump\">Donald Trump<\/a> gets ready to enter the White House in January.<\/p>\n<p>In a bid to comply with \u201cgovernment ethics rules,\u201d Lutnick plans to step down from Cantor once the US Senate confirms his position. Presently, Lutnick controls his firm\u2019s relationship with Tether; however, once he removes himself, he will hand this over to colleagues.<\/p>\n<p>Lutnick met Giancarlo Devasini, the owner of Tether, in the Bahamas in 2021 to determine whether Tether had the assets it claimed to have. Speaking at a crypto conference in July, Lutnick said:<\/p>\n<p>\u201cI basically told him the move line. I said, \u2018Show me the money.\u2019 And we found every penny, and they had every penny, but they had it in what I would call pretty godforsaken places.\u201d<\/p>\n<p>In January, <a href=\"https:\/\/coinjournal.net\/news\/tether-challenges-un-report-on-usdts-use-in-illicit-activity\/\">Tether challenged a United Nations report<\/a> that identified USDT as widely used in money laundering. Tether said it was \u201cdisappointed in the UN\u2019s assessment,\u201d which ignored what the stablecoin issuer was doing by helping developing countries in emerging markets.<\/p>\n<p>In its response, Tether reiterated its collaboration with law enforcement and stated that Tether transactions are traceable on the blockchain, making it an \u201cimpractical choice for illicit activities.\u201d<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/lutnicks-cantor-wants-to-use-tether-to-support-a-2-billion-bitcoin-lending-program\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Funding for Cantor\u2019s program will start at $2 billion, but could reach tens of billions of dollars Cantor has a 5% ownership interest in Tether, valued as much as $600 million Howard Lutnick is to step down as Cantor\u2019s CEO when [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":42104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/42103"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=42103"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/42103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/42104"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=42103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=42103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=42103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}