Tether's strategic partnership with Cantor Fitzgerald, initiated in 2021 prior to Howard Lutnick's appointment as U.S. Commerce Secretary, marked a pivotal moment in the stablecoin's trajectory. This collaboration positioned Tether alongside other financial powerhouses, while the launch of \"21 Capital\" signaled Tether's gradual integration into the corridors of Wall Street. This shift has effectively muted years of skepticism regarding USDT's credibility, casting Tether in a new light as an institution with Wall Street legitimacy.

Cantor Fitzgerald, renowned for its stature in the financial world, assumed the role of Tether's primary custodian for U.S. Treasury reserves shortly after the partnership began. By late 2024, Cantor was entrusted with approximately 80% of Tether's $132 billion in backing, a figure that surged to 99% within a few months. This development presented a stark contrast to previous assertions by skeptics, who had likened Tether's reserves to mythical creatures, as Cantor's oversight now ensures tangible and secure management of these assets.

Beyond acting as a custodian, Cantor acquired a 5% equity stake in Tether, valued at roughly $600 million. Despite Howard Lutnick's divestment of his interests in Cantor Fitzgerald to comply with ethics regulations upon becoming Commerce Secretary, his son Brandon Lutnick assumed the role of Chairman at Cantor Fitzgerald, indicating sustained familial involvement. This relationship transcends mere business dealings, as industry reports suggest that Brandon once interned at Tether's Lugano offices, hinting at a personal connection alongside the corporate alliance.

Cantor's substantial commitment and financial interest in Tether have significantly diminished calls for transparency, such as demands to \"show me the reserves.\" Given Cantor's rigorous due diligence processes, the notion of simply stashing funds without proper oversight has lost traction. By safeguarding Tether's Treasury holdings, acquiring equity, and monitoring financial operations, Cantor has erected a formidable barrier against regulatory challenges. Although there is no formal \"Tether protection plan\" from the Commerce Department, Cantor's long-standing reputation lends credibility to Tether's operations.

Moreover, Cantor's vested interest in Tether's compliance ensures mutual benefit. Should Tether encounter regulatory hurdles, Cantor faces potential revenue losses and a devaluation of its equity stake. This alignment of interests aligns Cantor with Tether's stability goals, providing reassurance to stakeholders.

In April 2025, SoftBank joined Tether and Cantor in launching 21 Capital, investing $900 million into this Bitcoin-centric entity. Tether and Bitfinex hold the majority stakes, with SoftBank as a minority shareholder. Known for meticulous due diligence, SoftBank's participation underscores its confidence in Tether's operations. SoftBank's global investment prowess complements Cantor's Wall Street credentials, positioning Tether within a reputable network spanning telecommunications, finance, and technology sectors worldwide.

The SPAC merger involving 21 Capital offers Tether enhanced visibility and credibility, particularly significant for lingering skeptics. SoftBank's involvement introduces a robust network that bolsters Tether's reputation globally, especially in regions like Asia and the Middle East. Regulators observing these developments recognize Tether's transformation from a speculative entity to one adhering to corporate governance standards, thereby reducing speculative concerns.

Bitfinex and Tether, operating under the iFinex umbrella, have historically faced extensive scrutiny. However, Bitfinex's $600 million contribution through Bitcoin investments in 21 Capital solidifies its alignment with Tether, ensuring coordinated efforts and increased transparency. Bitfinex's participation in 21 Capital enhances operational transparency, subjecting certain activities to public disclosure, thus encouraging adherence to regulatory expectations.

These collaborative efforts culminate in 21 Capital, the newly formed investment vehicle poised for a Nasdaq debut under the ticker \"XXI,\" led by high-profile Bitcoin entrepreneur Jack Mallers. This marks a significant advancement in Tether's institutional ambitions, exposing it to SEC regulations, quarterly disclosures, and heightened public scrutiny. Critics previously focused on Tether's lack of transparency now confront a more transparent model, albeit with selective exposure to public markets.

While Tether's stablecoin operations remain distinct from the SPAC, the 21 Capital's substantial Bitcoin treasury provides insights into Tether's broader ecosystem. This level of transparency surpasses earlier models, allowing investors to assess performance metrics. Tether retains control, balancing public market credibility with independent management.

The presence of Cantor Fitzgerald as the SPAC sponsor and SoftBank as a co-investor emphasizes robust corporate governance. Any missteps by 21 Capital could implicate Cantor's reputation and SoftBank's investment, reinforcing accountability. This move places Tether in direct competition with other publicly listed Bitcoin-focused entities, leveraging its financial resources to engage in institutional buying and holding. A successful public market debut could further strengthen Tether's stablecoin operations.

Cantor's custodianship and equity stake anchor Tether within traditional finance, while SoftBank's involvement expands its global influence. These strategic partnerships mitigate regulatory and reputational risks, diminishing Tether's perception as an unregulated entity. However, Tether remains vigilant, navigating ongoing regulatory scrutiny and maintaining operational integrity to uphold its credibility amidst global oversight.

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