Tether Holdings Contracts Cantor Fitzgerald Services
The Wall Street Journal reported on February 10 that stablecoin issuer Tether Holdings has hired a well-known Wall Street company to handle its portfolio of Treasury securities. Unnamed sources with knowledge of the situation disclosed that financial services company Cantor Fitzgerald is assisting Tether in managing a bond portfolio worth $39 billion, which consists of US Treasury securities.
Wall Street companies are becoming more interested
There are certain Wall Street businesses who are eager to promote bitcoin service providers despite the current regulatory obstacles. The study shows how Tether has grown to be a major participant in the digital asset market by aggressively interacting with reputable counterparties and looking for new business prospects.
Financials of Tether at a Glance
Tether had $960 million in surplus reserves as of December 31 thanks to its overall assets of $67 billion, which were greater than its consolidated liabilities of $66 billion. Tether’s net income for the fourth quarter of 2018 totaled $70 million, according to an independent attestation by BDO.
Concerns about transparency
Tether has made an attempt to debunk suspicions about its solvency and accounting practices, yet despite this, the business has been under fire from prominent newspapers for being opaque about the assets that support its USDT reserves. The focus of the criticism has switched from the issue of complete support to the composition of the assets backing the stablecoin. By October, Tether had reduced its exposure to commercial paper and turned to investing in Treasury bills in response to heightened public attention.