According to a report by CoinDesk on May 15, PANews reported that Cantor Fitzgerald Chairman Brandon Lutnick revealed at the Toronto Consensus 2025 conference that he personally verified the reserves of the stablecoin issuer Tether during the early stages of their partnership. This move was intended to address market concerns about Tether's insufficient reserves at that time. In 2019, the New York Attorney General accused Tether of having a nearly $1 billion funding gap, but both parties later reached a settlement.
Lutnick became the Chairman of Cantor Fitzgerald in February 2025, after his father Howard Lutnick was appointed by Trump as the U.S. Secretary of Commerce. He denied media reports about his internship at Tether in 2023 but admitted to learning about cryptocurrency from the Tether team.
