According to people familiar with the matter, the $39 billion USDT reserve (U.S. Treasuries) of stablecoin issuer Tether is managed by Wall Street bond trading giant Cantor Fitzgerald. Tether reported earlier this week that its assets were $67 billion as of the end of 2022, of which $39.2 billion were U.S. Treasuries and the rest were money market funds, cash, etc.

Cantor Fitzgerald, privately held and led by Howard Lutnick, is one of Wall Street's most prominent bond traders and one of the 25 primary dealers of U.S. Treasuries that can trade directly with the Federal Reserve. (Wall Street Journal) #SHIB, #GameFi, #dyor