Stablecoin issuer Tether has long faced skepticism about whether it holds 100% cash or asset reserves. However, at the Consensus 2025 summit on May 14, Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick, stated,

“I personally verified Tether’s asset reserves—they really have the money!”

He also credited Tether for turning him into a Bitcoin believer.

Young Leader Takes Helm at Cantor Fitzgerald

In February this year, Brandon officially assumed the chairmanship of Cantor Fitzgerald—a financial services firm that includes an investment bank of the same name, the brokerage BCG Group, and the commercial real estate firm Newmark Group, wielding significant influence on Wall Street.

Notably, his father Howard Lutnick, the former CEO of Cantor Fitzgerald, is now U.S. Commerce Secretary appointed by President Donald Trump, drawing attention to the ties between Cantor and the Trump administration.

Early Cooperation and Personal Verification of Tether’s Reserves

At Consensus 2025, Brandon revealed that when Cantor Fitzgerald first started working with Tether, many rumors circulated claiming Tether lacked sufficient reserves. Brandon said:

“At that time, I personally reviewed many of their reserves, and we disproved many of the rumors.”

This directly addresses past accusations by New York Attorney General Letitia James, who in 2019 claimed Tether was missing nearly $1 billion on its books, a case that was ultimately settled. Since then, Tether has emphasized its assets are “100% backed.”

Refuting Bloomberg Report: Not a Tether Intern, But Became a BTC Believer

Earlier, Bloomberg reported that Brandon had interned at Tether’s Swiss office. Brandon denied this rumor, stating:

“That is simply not true.”

However, he admitted,

“I did learn a lot from the Tether team—they made me a Bitcoin believer.”

Closer Ties Between Crypto and Wall Street, Raising Regulatory and Political Spotlight

Brandon’s remarks not only lend credibility to Tether but also highlight the growing connections between Wall Street capital and the crypto space. With Howard Lutnick serving as Commerce Secretary in the Trump administration, and Cantor Fitzgerald’s deepening cooperation with Tether, related interests and regulatory issues are expected to become a major focus of political and media scrutiny.