For a decade, the crypto firm Tether built itself into one of the world’s wealthiest financial institutions, recently surpassing even mighty BlackRock in profits. Today, Tether’s eponymous stablecoin, a digital token pegged 1:1 to the U.S. dollar, is one of the world’s major currencies, and the company, which has long operated in the financial shadows, is making a play for mainstream legitimacy.
Now, thanks to a mix of sound strategy or good luck, Tether has a key ally in the highest corridors of power: Howard Lutnick, CEO of U.S. financial services firm Cantor Fitzgerald, and President-elect Donald Trump’s pick for commerce secretary.
