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[ENTITY FILE] SUBJECT-9879 COMPANY ACTIVE
TE
// Subject

Tether‍‍‍‍‌‌‍‌‌​‌​​‍​​​‌‍​‌​​

Issuer of USDT, the largest dollar-pegged stablecoin
Tracked Issuer of the largest stablecoin (~$110B+ outstanding); reserves are held through Cantor Fitzgerald, creating a documented financial relationship between a major Treasury holder and the U.S. Commerce Secretary. Central counterparty risk for the dollar-stablecoin system.
// Editorial summary — AI-generated from public records

Operator of USDT stablecoin; counterparty to Lutnick family Dynasty Trust A loan and Twenty One Capital partner.

Facts on record20
Connections mapped4
Sources cited2
View on Graph → Export CSV ← Entity Directory
🧠 Cognitive harm you own/control
Primary confidence
Aggregated from 1 platform owned, funded, or controlled by Tether.
25
Score 0–100
Documented
Tether (USDT)
25
1 documented harm · Documented
Score combines documented harm count, severity weighting, platform reach, and engineered mechanisms. See full methodology →
Stated vs Revealed
No documented contradictions on file.
[PUBLIC COST ESTIMATE]
At least $100.0B in documented public funds flow through entities connected to this profile.
$100.0BContract Value
1Money Chains
2Traced Hops
Calculation Methodology

Contract values are summed from documented money flow chains where this entity appears as a source or destination node. Amounts are drawn from USASpending.gov, FEC filings, SEC EDGAR, or LD-2 lobbying registrations.

Donor contributions aggregate documented amounts from the donor_interests table, sourced from FEC individual and PAC contribution filings.

Connected officials are elected officials in our database with a mapped relationship (lobbying, board membership, campaign contribution, etc.) to this entity.

Annualised flow represents the total documented dollar amount traced through money flow hops involving this entity. Where hop-level amounts are unavailable, the chain-level documented total is used as a conservative upper bound.

All figures are drawn from public filings. Estimates are conservative — undisclosed transactions, dark money, and vanish-point hops are excluded from totals. This is a minimum documented floor, not a ceiling.

PATTERN company → [parent-subsidiary] → company 11×
Connection Map
Key Connections
→ Entity #29186
parent-subsidiary
iFinex Inc. is the parent company of Tether Limited.
← Entity #9792
custodian-client
Cantor Fitzgerald custodies a substantial share of Tether's U.S. Treasury reserves.
← Entity #9791
advocate
Lutnick has publicly defended Tether's reserve composition while serving as Cantor's CEO and Chairman.
Facts (20)
Data Freshness
Fresh Last update: 4d ago · Avg age: 32d
Confidence Tiers: Primary Source — cross-referenced government/corporate filings Pending Review — sourced but not independently verified AI Inference — analytical hypothesis from cross-referencing
✓ Verified Findings (2)
These facts have been cross-referenced and confirmed against their source material.
Verified Pending Review Evidence gap: The identities of the largest counterparties redeeming or mintin‍‍‍‍‌‌‍‌‌​‌​​‍​​​‌‍​‌​​g USDT are not disclosed; on-chain visibility ends at exchange omnibus wallets.
Added: 03 May 2026
Verified Pending Review Evidence gap: Tether has never undergone a full independent audit (only attestations) of its reserve c‍‍‍‍‌‌‍‌‌​‌​​‍​​​‌‍​‌​​omposition; the share of reserves held in non-Treasury, non-cash instruments is not publicly itemised.
Added: 03 May 2026
Raw Filing Records (18) — unsourced metadata
Pending Review A Senate Banking Committee inquiry initiated on April 29, 2026, alleges that a Tether loan to 'Dynasty‍‍‍‍‌‌‍‌‌​‌​​‍​​​‌‍​‌​​ Trust A' may have been used to fund Howard Lutnick’s divestiture of Cantor Fitzgerald to his children.
Date: 2026-04-29 Added: 03 May 2026
Pending Review Tether's Q1 2026 report, released May 1, 2026, shows a record $8.23 billion in excess reserves and $141 billion in direct/indirect U.S. Treasury exposure.
Date: 2026-05-01 Added: 03 May 2026
Pending Review On March 24, 2026, Tether formally announced the engagement of an unnamed 'Big Four' accounting firm to conduct its first full independent financial statement audit.
Date: 2026-03-24 Added: 03 May 2026
Pending Review The Dynasty Trust A loan from Tether is secured by a convertible bond granting Cantor Fitzgerald the right to acquire a 5% equity stake in Tether, formalizing a structural financial link between the stablecoin's reserves and its custodian's family ownership.
Date: 2025-10-07 Added: 03 May 2026
Pending Review Anchorage Digital Bank acts as the exclusive federally chartered issuer for USA₮, maintaining a non-public 'Whitelist' of institutional counterparties approved under Bank Secrecy Act (BSA) requirements.
Date: 2026-03-02 Added: 03 May 2026
Pending Review A credit document filed in New York on October 7, 2025, revealed that Tether lent an undisclosed sum to 'Dynasty Trust A,' a trust for the children of then-Commerce Secretary nominee Howard Lutnick, secured by Cantor Fitzgerald equity.
Date: 2025-10-07 Added: 03 May 2026
Pending Review Tether launched USA₮ in March 2026, a stablecoin compliant with the GENIUS Act, in partnership with federally chartered Anchorage Digital Bank.
Date: 2026-03-02 Added: 03 May 2026
Pending Review Tether's total direct and indirect U.S. Treasury exposure reached $141.6 billion as of December 31, 2025, making it the 18th largest holder of U.S. Treasuries globally.
Date: 2026-01-30 Added: 03 May 2026
Pending Review Evidence gap: The full counterparty list for Tether's Treasury-bill repo financing and securities-lending activity — and the resulting interest-rate exposure flowing back to specific U.S. broker-dealers — is not publicly disclosed in any Tether attestation.
Added: 03 May 2026
Pending Review Tether's independent attestation reports under ISAE 3000 (Revised) explicitly exclude verification of service contracts or fee arrangements with custodians, meaning the BDO Italia engagement cannot confirm or deny the existence of disclosed fee terms with Cantor Fitzgerald.
Date: 2023 Added: 03 May 2026
Pending Review Cantor Fitzgerald holds most of Tether's $133 billion in assets in exchange for 'tens of millions of dollars of fees each year,' according to people familiar with Cantor's business cited by The Wall Street Journal, but no public document specifies the fee calculation methodology, percentage basis, or contractual terms.
Date: 2024 Added: 03 May 2026
Pending Review Tether settled a New York Attorney General investigation in 2021, agreeing to pay $18.5M and to halt trading activity with New York persons; the settlement found Tether had at times not been fully backed.
Date: 2021-02-23 Added: 03 May 2026
Pending Review Tether publishes quarterly attestations of its reserve composition through accounting firm BDO Italia rather than a full independent audit.
Date: 2023 Added: 03 May 2026
Pending Review Tether routes a substantial share of its U.S. Treasury reserve holdings through Cantor Fitzgerald, whose then-CEO Howard Lutnick was nominated U.S. Commerce Secretary in 2024.
Date: 2024 Added: 03 May 2026
Pending Review Tether's USDT had over $110 billion in outstanding circulation as of 2024, making it the largest dollar-pegged stablecoin by market capitalisation.
Date: 2024 Added: 03 May 2026
Pending Review Evidence gap: The fee structure between Tether and Cantor Fitzgerald for custody and primary-dealer services has not been publicly disclosed.
Added: 03 May 2026
Pending Review Tether and its affiliates paid a $41M CFTC penalty in 2021 for misrepresenting USDT reserve composition between 2016 and 2019.
Date: 2021-10 Added: 03 May 2026
Pending Review Tether filed filing with the SEC on 2024-09-13. Accession number: N/A.
Date: 2024-09-13 Added: 23 Apr 2026
All Connections (4)
→ Entity #29186
parent-subsidiary primary since 2014
iFinex Inc. is the parent company of Tether Limited.
← Entity #9792
custodian-client primary since 2021
Cantor Fitzgerald custodies a substantial share of Tether's U.S. Treasury reserves.
← Entity #9791
advocate, financial_counterparty primary since 2024
Lutnick has publicly defended Tether's reserve composition while serving as Cantor's CEO and Chairman. · Family-trust counterparty (Dynasty Trust A loan); Twenty One Capital partner (Cognitive Impact: Tether (USDT))
← Entity #162
owner secondary
Tether acquired a majority stake in the company in April 2024 through a $200 million investment.
Money Flows Passing Through (1)
Documented payment chains where this entity appears as a source, hop, or vanish point. All chains →
active 3 hops ⚠ 1 vanish USD 100000000000.00
Tether reserves → Cantor Fitzgerald custody → Lutnick equity stake
Sources (2)
2026-04-23 UNVERIFIED SEARCH_ERROR: Tether not found in opencorporates claim_flag Processed
2024-09-13 ↗ SEC EDGAR: filing — Tether (2024-09-13) web_search Processed