Trump’s Commerce Secretary Pick Tied to $2 Billion Bitcoin Lending Initiative

Howard Lutnick, CEO of Cantor Fitzgerald, is in talks with Tether to launch a Bitcoin-backed lending program as he prepares for a key role in the Trump administration.

Cantor Fitzgerald, led by Trump’s Commerce Secretary nominee Howard Lutnick, plans a Bitcoin-backed lending program starting with $2 billion in funding.
The program, which would allow clients to borrow dollars using Bitcoin as collateral, could expand to tens of billions of dollars as crypto adoption grows.
Tether, the issuer of the world's largest stablecoin, is reportedly in discussions to support the initiative and deepen its financial ties with Cantor Fitzgerald.
Lutnick has announced plans to divest from his firm and step down from key roles if confirmed as Commerce Secretary, addressing potential conflicts of interest.
Tether, despite scrutiny over alleged ties to illicit activities, remains a significant player in crypto markets, with Cantor managing billions in U.S. Treasuries backing its stablecoin.