{"id":73973,"date":"2023-02-13T10:53:14","date_gmt":"2023-02-13T08:53:14","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=73973"},"modified":"2025-09-09T17:29:11","modified_gmt":"2025-09-09T14:29:11","slug":"forbes-reports-on-tether-reserves-placed-with-cantor-fitzgerald-and-capital-union","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/forbes-reports-on-tether-reserves-placed-with-cantor-fitzgerald-and-capital-union\/","title":{"rendered":"Forbes reports on Tether reserves placed with Cantor Fitzgerald and Capital Union"},"content":{"rendered":"<p>New York-based Cantor Fitzgerald, along with Bahamas-based Capital Union and Ansbacher, held part of the <a href=\"https:\/\/forklog.com\/en\/news\/what-are-stablecoins\">stablecoin<\/a> USDT collateral. <a href=\"https:\/\/www.forbes.com\/sites\/davidjeans\/2023\/02\/10\/tether-reserves-cantor-capital-union-ansbacher\/?sh=7a4497274928\"> Forbes<\/a> reports, citing informed sources and documents obtained from Tether Limited.<\/p>\n<p>The issuer moved $37 billion of reserves to Capital Union after <a href=\"https:\/\/forklog.com\/en\/news\/bitfinex-and-tether-to-pay-new-york-state-18-5-million-in-settlement-over-financial-operations\">settlement<\/a> in February 2021 of claims by the New York State Attorney General&#8217;s Office related to the company&#8217;s financial operations tied to an $850 million loss.<\/p>\n<p>Ansbacher is a subsidiary of Deltec Bank. <a href=\"https:\/\/forklog.com\/en\/news\/deltec-bank-tethers-usdt-fully-backed-by-reserves\">Stated<\/a> at the start of 2021 that USDT is fully backed.<\/p>\n<p>Tether Limited appointed Cantor Fitzgerald as custodian of US Treasury securities. The organization is one of the primary dealers of the <span data-descr=\"Federal Reserve System (US)\" class=\"old_tooltip\">FRS<\/span>. A trading firm affiliated with Cantor Fitzgerald, BGC Partners, carried out USDT operations on large volumes.<\/p>\n<p>The publication noted that representatives of the issuer promised not to disclose partner names or the composition of reserve assets.<\/p>\n<p>Transparency is lacking with regard to the company\u001409s leadership. In particular, the Chief Investment Officer is Silvano Di Stefano, who is not listed on the company&#8217;s website. Earlier, <span data-descr=\"Chief Technology Officer\" class=\"old_tooltip\">CTO<\/span> Paolo Ardoino had confirmed the accuracy of the data, Forbes noted.<\/p>\n<p>The Wall Street Journal previously revealed the owners of Tether.<\/p>\n<p>In September 2022, a New York court <a href=\"https:\/\/forklog.com\/en\/news\/court-orders-tether-to-disclose-collateral-backing-the-usdt-stablecoin\">ordered<\/a> the company to provide financial documents for assessing the reserves backing the stablecoin as part of a proceeding into possible market manipulation.<\/p>\n<p>A month later, reports indicated that the US Department of Justice <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-u-s-doj-resumes-probe-into-tether\">investigation<\/a> into Tether had been renewed, according to the press.<\/p>\n<p>In October\u2013December 2022, <a href=\"https:\/\/forklog.com\/en\/news\/tether-posts-700m-in-net-profit-for-q4\">recorded<\/a> a net profit of $700 million. Ardoino noted that the issuer <a href=\"https:\/\/forklog.com\/en\/news\/tether-limited-wipes-out-commercial-paper-exposure-in-usdt-reserves\">zeroed out<\/a> commercial paper on its balance sheet and pledged to reduce secured loans during 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York-based Cantor Fitzgerald, along with Bahamas-based Capital Union and Ansbacher, held part of the {{AOPEN_1}}stablecoin{{ACLOSE_1}} USDT collateral. Forbes reports, citing informed sources and documents from Tether Limited.<\/p>\n","protected":false},"author":1,"featured_media":73974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[807,1245],"class_list":["post-73973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-stablecoins","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=73973"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73973\/revisions"}],"predecessor-version":[{"id":73975,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73973\/revisions\/73975"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/73974"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=73973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=73973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=73973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}