Howard Lutnick, chairman and CEO of Cantor Fitzgerald, has confirmed that Tether, the issuer of $USDT, possesses the funds it claims. 💰
Following an examination of portions of the stablecoin issuer’s balance sheet. In an interview at the World Economic Forum in Davos, Lutnick stated, “They have the money.”
Tether reported approximately $86 billion in assets as of September to back about $83 billion worth of its USDT stablecoin. Lutnick emphasized, “I’ve seen a whole lot, and the firm has seen a whole lot, and they have the money.” This statement is a significant validation for Tether, which has been a subject of speculation regarding its reserves, with some past allegations suggesting it lacked one-to-one backing for USDT. Tether has consistently refuted these allegations.
U.N. Still Thinks Tether Is A Bad Boy
Tether has denied the United Nations’ accusations about its USDT stablecoin being used for illegal activities in a separate development. The U.N. had accused USDT of being involved in money laundering and scams. 💱
In response, on January 16, Tether stated that blockchain technology aids in combating crime. Tether collaborates with law enforcement agencies like the DOJ, FBI, and USSS, demonstrating their commitment to preventing financial crime. They believe blockchain technology facilitates the tracking of illegal activities and have recently blocked over $300 million in suspicious transactions.
Tether argues that digital currencies should be used responsibly and transparently, and they see blockchain as a tool against crime, not a cause of it.