Howard Lutnick, the powerhouse behind Cantor Fitzgerald, is officially stepping away from all his business roles. With his nomination as Commerce Secretary under President-elect Donald Trump, Lutnick is clearing the deck.

HOWARD Lutnick is moving to strengthen his alliance with one of the most important and controversial names in the digital asset business: Tether Holdings. Read more at The Business Times.

Cantor Fitzgerald has agreed to a 5% ownership stake in Tether valued at approximately $600 million, according to the Wall Street Journal.

Cantor Fitzgerald, whose CEO is the secretary of Commerce nominee, has an extensive history with the company that runs the world's largest stablecoin.

The unlaunched lending initiative will start with $2 billion in funds, which could eventually grow to tens of billions of dollars.