Donald Trump's Commerce Secretary pick, Howard Lutnick, is discussing expanding his financial relationship with Tether, operator of the world’s largest stablecoin. Lutnick's firm, Cantor Fitzgerald, is exploring a $2 billion project to lend dollars to clients against Bitcoin, potentially scaling to tens of billions. Tether holds billions in Treasuries with Cantor to back its stablecoin and said it seeks new investment opportunities using past profits. Stablecoins are pegged to traditional currencies and maintain a constant value.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President-elect Donald Trump's nominee for Commerce Secretary, Howard Lutnick,
00:06is in discussions to expand his firm's financial relationship
00:10with Tether, the operator of the world's largest stablecoin.
00:13Lutnick's company, Cantor Fitzgerald, is exploring a $2 billion project to provide
00:19dollar loans to clients using Bitcoin as collateral, with potential to scale
00:24significantly beyond initial figures. Tether, which holds billions in U.S.
00:28treasuries, with Cantor to back its stablecoin, is seeking new investment
00:32opportunities using past profits. Stablecoins are digital currencies
00:37pegged to traditional currencies, maintaining a constant value.
00:40For all things money, visit Benzinga.com.