The stablecoin USDT issuer Tether has been suspected of not having 100% cash or asset reserves over the past few years. This time, U.S. Secretary of Commerce Howard Lutnick's son, Brandon Lutnick, stated at the Consensus 2025 summit on May 14: 'I personally verified Tether's asset reserves; they really have money!' He also claimed that Tether turned him into a Bitcoin believer.
The 27-year-old young boss takes office as Chairman of Cantor Fitzgerald.
In February this year, Brandon officially took over as Chairman of Cantor Fitzgerald. Cantor Fitzgerald not only includes the namesake investment bank but also the brokerage BCG Group and commercial real estate firm Newmark Group, with influence spanning Wall Street.
Interestingly, his father, Howard Lutnick, is the former CEO of Cantor and has been appointed by President Trump as Secretary of Commerce, drawing attention to the relationship between the company and the Trump administration.
Early cooperation involved personally verifying Tether's asset reserves and stating that there were no issues.
Brandon also revealed at the Consensus 2025 summit on May 14 that when Cantor first started collaborating with Tether, there were many rumors in the market claiming that Tether did not have sufficient reserves. But Brandon stated:
I personally checked many of their reserves back then, and we proved that many rumors were wrong.
This statement clearly responds to past accusations from New York Attorney General Letitia James. In 2019, Tether was accused of having nearly $1 billion missing on their balance sheet, which eventually ended in a settlement. Since then, Tether has emphasized that their assets are '100% backed.'
Refuting Bloomberg's report: Not an intern at Tether, but successfully brainwashed to believe in Bitcoin
Previously, the well-known news agency Bloomberg reported that Brandon had interned at Tether's Swiss branch, but Brandon took this opportunity to refute the rumors: 'That is simply not true.' However, he also admitted:
I have indeed learned a lot from the Tether team; they turned me into a Bitcoin believer.
The cryptocurrency world is closer to Wall Street, but it also attracts more regulatory and political attention.
Brandon's remarks this time not only provide credibility endorsement for Tether, but also highlight the increasingly deep connection between Wall Street capital and the cryptocurrency world. With Lutnick serving as Secretary of Commerce, joining the Trump administration, and the deepening collaboration between Cantor and Tether, related interests and regulatory issues are bound to become the focus of politics and media.
This article is reprinted with permission from: (Chain News)
'Verifying USDT reserves is no problem! The son of the U.S. Secretary of Commerce: Tether turned me into a Bitcoin believer' was first published on 'Crypto City.'
