Brandon Lutnick Confirms Personal Verification of Tether’s Reserves

Cantor Fitzgerald Chairman Brandon Lutnick confirmed he personally verified Tether's reserves during the early stages of their partnership. This statement was made at Consensus 2025 in Toronto.

• Lutnick addressed rumors about Tether's asset backing, stemming from allegations made by New York Attorney General Letitia James in 2019 regarding a nearly $1 billion shortfall.
• He stated, "I personally checked a lot of their reserves, and we proved a lot of those rumors wrong," affirming Tether's claims of being fully backed since the settlement with New York.
• Lutnick became chairman of Cantor Fitzgerald in February 2023 after his father, Howard Lutnick, was appointed U.S. Commerce Secretary.
• He denied a Bloomberg report alleging he interned with Tether in Lugano, Switzerland, but noted he gained significant crypto insights from the company.