Tether May Back Cantor Fitzgerald Stablecoin Project Worth Tens of Billions of Dollars

Lutnick’s financial services firm Cantor Fitzgerald is discussing receiving support from Tether to help fund the project

Financial services firm Cantor Fitzgerald is discussing potential support from Tether (USDT) to help fund a massive real estate project in the Hudson Yards area of Manhattan, according to a report by Bloomberg on Friday.

The project, which could cost tens of billions of dollars, is being spearheaded by Cantor Fitzgerald chairman and CEO Howard Lutnick, the report said, citing people familiar with the matter.

When asked about the report, Tether told Reuters in an emailed response on Saturday: “Tether Investments is looking to use part of the profits generated in the past years for different opportunities.”

Cantor Fitzgerald did not immediately respond to a Reuters request for comment outside business hours.

According to Bloomberg, Tether already uses Cantor to hold billions of dollars in Treasuries to support the value of its stablecoin, in a relationship that helps Lutnick's firm earn tens of millions of dollars annually.

Stablecoins are digital tokens designed to keep a constant value, usually pegged to traditional currencies such as the US dollar or the euro.

Earlier this week, President Donald Trump said he would nominate Lutnick to lead his trade and tariff strategy as head of the Commerce Department. Lutnick would also have “additional direct responsibility” for the US Trade Representative’s office.