TechFlow news, on November 15, according to DL News, following Trump's election victory, crypto users have flocked to the stablecoin Tether. Data from DefiLlama shows that since the conclusion of the U.S. election on November 6, Tether's total market capitalization has increased by nearly 6%, surpassing $127 billion.
Tether's rise has brought into spotlight Howard Lutnick, CEO of New York-based financial services firm Cantor Fitzgerald. Cantor Fitzgerald manages U.S. Treasuries for Tether, and Lutnick has repeatedly backed the stablecoin giant, which has long faced scrutiny for refusing to release full audit results of its reserves.
It is reported that Howard Lutnick is one of Trump’s major fundraisers and co-chair of Trump’s transition team. With Trump set to take office in January next year, Lutnick is now seeking a key position in the incoming administration. He is reportedly among Trump’s candidates for Treasury Secretary, with prediction markets on Polymarket giving him a 26% chance of being nominated.
