PANews reported on May 15 that according to CoinDesk, Cantor Fitzgerald Chairman Brandon Lutnick revealed at the Consensus 2025 conference in Toronto that he personally checked the reserve situation of the stablecoin issuer in the early stage of cooperation with Tether. This move was intended to respond to the market's doubts about Tether's insufficient reserves at the time. In 2019, the New York Attorney General accused Tether of having a funding gap of nearly $1 billion, but the two parties later reached a settlement.
Lutnick became chairman of Cantor Fitzgerald in February 2025. His father, Howard Lutnick, was appointed U.S. Secretary of Commerce by Trump. He denied media reports that he interned at Tether in 2023, but admitted that he learned about cryptocurrency from the Tether team.
