Tether Holdings, an issue of stablecoin, has been relying on the services of a major firm on Wall Street that would be managing the Treasury portfolio. This was documented in a 10th February report by the Wall Street Journal. After citing several sources that were close to the matter, the Journal went on to note that Cantor Fitzgerald, a company dealing in financial services, would now be helping the stablecoin issuer oversee a bond portfolio of $39 billion that also comprised the United States Treasury securities.
The report then goes on to indicate that certain firms on Wall Street are also more than willing to support the providers of crypto services despite the current regulatory concerns that have been plaguing the industry.
Tether Has Joined Hands With Cantor Fitzgerald
Cantor Fitzgerald was founded in 1945 and has always specialized in investment banking services- which include fixed-income sales and institutional equity. The company has also claimed to be employing more than 12,000 people. Besides helping in managing a sizable portion of the portfolio of Tether, Cantor’s specific involvement with the issuer of stablecoin hasn’t been noted down in the reporting of the Journal.
In an interview, the Stablecoin issuer stated that the company had turned out to be one of the most important players in the industry dealing in digital assets. This is precisely why they have also started exploring new business opportunities.
The total assets of Tether, as of the 31st of December, stand at $67 billion, which also exceeds the consolidated liabilities of $66 billion- while giving the company excess reserves of around $960 million. The company recently reported around $700 million in just net profits during the fourth quarter- which was made on an independent attestation from the BDO.