Verification of USDT Reserves Shows No Issues! Brandon, Son of U.S. Secretary of Commerce, States: Tether Converted Me into a Believer in Bitcoin

05/15/2025

Stablecoin USDT Issuer Tether Faces Scrutiny Over Reserves

The issuer of stablecoin USDT, Tether, has long been suspected of not maintaining 100% cash or asset reserves. Recently, Brandon Lutnick, son of U.S. Secretary of Commerce Howard Lutnick, stated at the Consensus 2025 summit held on May 14, “I personally verified Tether’s asset reserves, and they really have the money!” He further claimed that Tether has transformed him into a believer in Bitcoin.

27-Year-Old Takes Over as Chairman of Cantor Fitzgerald

In February this year, Brandon officially took over as Chairman of Cantor Fitzgerald. Cantor Fitzgerald not only includes the eponymous investment bank but also encompasses brokerage firm BCG Group and commercial real estate company Newmark Group, wielding influence across Wall Street. Notably, his father, Howard Lutnick, is the former CEO of Cantor and currently serves as Secretary of Commerce, drawing attention to the company’s relationship with the Trump administration.

Early Collaboration and Personal Verification of Tether’s Asset Reserves

Brandon also revealed during the Consensus 2025 summit on May 14 that when Cantor first began collaborating with Tether, many rumors circulated claiming that Tether lacked sufficient reserves. However, Brandon stated:

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

This statement evidently responds to past accusations from New York Attorney General Letitia James, who claimed in 2019 that Tether was short nearly $1 billion on its balance sheet, which ultimately ended in a settlement. Since then, Tether has emphasized that its assets are “100% backed.”

Refuting Bloomberg Report: Not an Intern at Tether, but Successfully Brainwashed into Believing in BTC

Previously, the well-known publication Bloomberg reported that Brandon had interned at Tether’s Swiss branch; however, Brandon took this opportunity to refute the rumors: “That is simply not true.” Yet he admitted:

“I did learn a lot from Tether’s team; they turned me into a believer in Bitcoin.”

Closer Ties Between Crypto and Wall Street, But More Regulatory and Political Attention

This time, Brandon’s remarks not only provide credibility to Tether but also highlight the increasingly deep connections between Wall Street capital and the cryptocurrency sector. With Lutnick serving as Secretary of Commerce and the deepening collaboration between Cantor and Tether, related interests and regulatory issues are bound to become focal points in politics and media.

(U.S. Stablecoin Legislation in Sight, JPMorgan Questions Tether’s Reserves, Can USDT Market Afford to Abandon?)

Risk Warning

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