Cantor Fitzgerald President Brandon Lutnick personally confirmed Tether’s Reserves when the company began its relationship with stablecoin giant, he said Wednesday in Consensus 2025 in Toronto.

The 27-year-old said that in the early days of Cantor Fitzgerald and Tether’s relationship there were “a lot of rumors” that Tether did not have the assets it claimed to have, and referred to the then rambling speculation that Tether was not fully backed up. New York Attorney General Latitia James claimed in 2019 that Tether had a nearly $ 1 billion dollars in his books, although the regulator later settled these accusations with Tether and its sister company, BitFinex.

“I’ve personally checked a lot of their reserves and we proved a lot of these rumors wrong,” Lutnick said. Tether has maintained that it has been fully supported, at least since its settlement with New York.

Lutnick was appointed chairman of Cantor Fitzgerald – the private parent company, which controls the investment bank with the same name, Medling BCG Group, and the commercial real estate company Newmark Group – in February, shortly after US President Donald Trump named his father, Cantor Fitzgerald’s former CEO Howard Lutnick, US trading secretary.

Before taking the helm at Cantor Fitzgerald, Lutnick worked for the company in another executive role. He denied reports from Bloomberg that he interned with Tether in Lugano, Switzerland in 2023.

“Bloomberg actually reported that I was a tether trainee. That’s not true,” Lutnick said. “But I learned a lot about Krypto from Tether-guys-they orange poured me.”