Brandon Lutnick, Cantor Fitzgerald Chairman, Confirms Verification of Tether's Reserves

During Consensus 2025 in Toronto, Cantor Fitzgerald Chairman Brandon Lutnick revealed that he personally audited Tether's reserves at the inception of their partnership, dispelling early rumors about the stablecoin's backing. The speculation, which included a 2019 allegation by New York Attorney General Letitia James of a nearly $1 billion discrepancy in Tether's accounts, was later settled. Lutnick stated, 'I personally verified many of their reserves, disproving numerous rumors.' He emphasized that Tether has consistently maintained its full backing since the settlement with New York. Lutnick's appointment as chairman of Cantor Fitzgerald, the parent company of the investment bank, BCG Group, and Newmark Group, occurred in February, shortly after his father, Howard Lutnick, was named U.S. Commerce Secretary by President Trump. Prior to his current role, Lutnick held another executive position within the firm and denied a Bloomberg report claiming he interned with Tether in Lugano, Switzerland, in 2023, saying, 'Bloomberg reported that I was a Tether intern, which is not true. However, I did gain significant knowledge about cryptocurrency from the Tether team — they introduced me to the concept.'