Cantor Fitzgerald reportedly manages over half of Tether's reserves

Wall Street brokerage Cantor Fitzgerald has been overseeing stablecoin issuer Tether Holdings' $39B Treasury bond portfolio, the Wall Street Journal reported Friday, citing people with knowledge on the matter. Hong Kong-based Tether is the issuer of stablecoin tether ( USDT-USD ), the world's most traded digital token with a market cap of $68.2B, according to CoinMarketCap data . The news followed Tether's attestation report Thursday showing its assets stood at $67.04B at the end of 2022, 58% ($39.2B) of which consisted of government backed Treasury bills. The company started moving its reserves into Cantor in late 2021, around the time it paid a civil monetary penalty of $41M to settle charges brought against by the Commodity Futures Trading Commission, one of the people told the newspaper. Separately, Federal Reserve Board Governor Christopher Waller said earlier that cryptocurrency is "nothing more than a speculative asset, like a baseball card."