Trump has appointed Howard Lutnick from Wall Street as the next Secretary of Commerce, responsible for supporting American businesses and promoting economic growth. Lutnick is the CEO of the American Financial Service company Cantor Fitzgerald, which serves as the custodian for the stablecoin issuer Tether. Lutnick has endorsed Tether's asset reserves and is optimistic about the development of stablecoins and RWA.

Tether custodian Cantor Fitzgerald

Cantor Fitzgerald, a US Financial Service company founded in 1945, specializes in institutional equity, fixed income sales and trading. It is one of the 24 primary dealers approved by the Federal Reserve Bank of New York and also a qualified participant (AP) designated by Valkyrie's BTCSpot ETF issuance.

Cantor Fitzgerald has been serving as a custodian for Tether since the end of 2021, managing many of its assets and reviewing some of its balance sheet. Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, stated in an interview with Bloomberg TV at the World Economic Forum in January that Tether does indeed have its claimed USDT reserve assets.

(Custodian Cantor Fitzgerald endorses: Tether really has reserve assets)

He also mentioned that Stable Coin has increased the demand for US Treasury bonds, which is beneficial to the US economy, and is optimistic about the development of Real World Assets (RWA) in the next decade.

Lutnick announced at the BTC conference at the end of July that the company plans to launch BTC financing services, providing an initial financing amount of $2 billion to BTC companies in need.

(Tether custodian Cantor Fitzgerald will open BTC financing business: welcome to join the financing market)

Lutnick will oversee the Department of Commerce and the Office of the United States Trade Representative

The primary responsibility of the U.S. Department of Commerce is to promote economic growth and competitiveness in the United States, and it is also the most direct link between the federal government and private enterprises. Lutnick will be responsible for subsidies to chip factories, trade restrictions, tariffs, and other areas in the future.

Trump said on his own social media platform, Truth Social, that 'he will lead our tariff and trade agenda, and directly oversee the Office of the United States Trade Representative'.

However, the Office of the United States Trade Representative (USTR) does not fall under the jurisdiction of the U.S. Department of Commerce. USTR is an independent agency that reports directly to the President of the United States. It is responsible for formulating and coordinating U.S. international trade policy and representing the United States in international trade negotiations and protocol.

Bloomberg expects he will execute policies around Trump's favorite word 'tariffs' and continue to promote a populist economic agenda. Lutnick condemned the Biden administration's rhetoric in the Trump campaign, calling high inflation 'the most despicable thing you can do to your people'.

This article, New Commerce Minister Howard Lutnick: Endorsed Tether, Optimistic about Stable Coin and RWA Development, originally appeared in Chain News ABMedia.