According to Bloomberg, Howard Lutnick, the Commerce Secretary nominated by US President elect Donald Trump, is exploring strengthening financial ties with Tether, the world's largest stablecoin operator, and plans to launch a $2 billion project to provide US dollar loans to customers using Bitcoin as collateral. According to sources familiar with the matter, Cantor Fitzgerald, Lutnik's financial services company, is discussing obtaining Tether's support to help fund the project, which could amount to tens of billions of dollars. It is reported that Tether uses Cantor to hold billions of dollars worth of US treasury bond to support the value of its stable currency. This relationship helps Lutnik's company earn tens of millions of dollars every year.
