According to a story published on February 10 by The Wall Street Journal, stablecoin issuer Tether Holdings has enlisted the services of a prominent Wall Street firm to manage its portfolio of Treasury securities.

The Wall Street Journal quoted unidentified people familiar with the situation as reporting that financial services firm Cantor Fitzgerald is helping Tether manage a bond portfolio consisting of US Treasury securities valued at $39 billion. According to the study, there are certain firms on Wall Street that are eager to help cryptocurrency service providers despite ongoing regulatory concerns impacting the business.

Cantor Fitzgerald is an investment banking firm that was established in 1945 and specializes in providing services such as institutional stocks and fixed income sales. The corporation is said to employ more than 12,000 workers. Cantor Fitzgerald’s precise role with the issuer of the stablecoin was not detailed in the material that appeared in the Journal. The only mention of Cantor Fitzgerald’s involvement was that he “managed” a portion of the Tether wallet.

Tether has become the largest player in the digital asset sector, and the company actively engages with high-quality counterparties and researches new business prospects on a regular basis.

As of December 31, Tether’s total assets stood at $67 billion, more than its consolidated liabilities of $66 billion, and provided the corporation with excess reserves of at least $960 million. According to an independent certification provided by BDO, the corporation’s net earnings for the fourth quarter were $70 million.

While Tether has worked hard to dispel rumors about its solvency and accounting standards, the company has been repeatedly criticized by major publications for not being transparent about the assets backing its USDT (USDT) reserves. Tether has responded to these criticisms by saying that it will continue to work towards this goal. In the year 2022, the focus of criticism shifted from the question of whether or not Tether’s USDT is fully supported to the question of the composition of the assets backing the stablecoin. In response to increased public scrutiny over its portfolio, namely its alleged excessive exposure to Chinese commercial paper, Tether in October canceled its commercial paper exposure and switched to investing in Treasury bills.

According to CoinMarketCap, the USDT token issued by Tether remains the most valuable stablecoin with a market valuation of around $68.2 billion.