“Howard Lutnyk, who has been nominated to be the next head of the US Department of Commerce, is in talks to deepen the financial ties between his business and Tether Holdings Ltd.”, — write: www.epravda.com.ua
Howard Lutnyk, who has been nominated to be the next head of the US Department of Commerce, is in talks to deepen the financial ties between his business and Tether Holdings Ltd.
About this informs Bloomberg.
Lutnik’s Cantor Fitzgerald LP is discussing the possibility of getting Tether backing for a planned multibillion-dollar lending program to customers who put up bitcoin as collateral, sources told Bloomberg.
Tether operates the largest “stablecoin” USDT.
Funding for the program will start at $2 billion and is expected to eventually reach tens of billions, the individual said in an interview with Bloomberg.
Tether currently uses Cantor’s depository business to store billions of US Treasury dollars that support the value of its dominant stablecoin, USDT. Those depository relationships bring Cantor tens of millions of dollars a year, according to people familiar with the matter.
Although Cantor is trying to hire staff to launch the program, it has not yet formally started making loans. If Tether participates in the program, the cryptocurrency company will likely be one of several financial donors, one of the people said.
Tether has faced scrutiny from governments, including the US, for possible violations of sanctions and anti-money laundering regulations. The company denies these allegations.
Earlier in November reportedthat Howard Lutnyk will head the US Department of Commerce.