- Tether‘s market capitalization increased by $50 billion throughout 2024.
- Cantor Fitzgerald, led by Howard Lutnick, maintains significant Tether reserves and holds investment stakes.
- Tether’s lobbying expenditure decreased to $360,000 in 2024 from $1.24 million in 2023.
- The company expanded its presence in el salvador through Bitfinex Securities and Volcano Energy investments.
- European regulations prompted Tether to discontinue Euro Tether operations while maintaining presence through strategic partnerships.
Tether, the largest stablecoin by market value, strengthened its financial and political influence in 2024 despite regulatory challenges across multiple jurisdictions. The company’s reserves, primarily held at Cantor Fitzgerald, supported its expansion into new markets while maintaining its position as the dominant dollar-pegged digital asset.
Strategic Partnerships and Political Connections
Howard Lutnick, CEO of Cantor Fitzgerald and investor in Tether, has emerged as a key ally for the stablecoin issuer. His firm recently settled with the SEC for $6.75 million over SPAC-related allegations, yet maintains its position as Tether’s primary reserve custodian.
The company’s political advocacy saw significant changes, with lobbying expenditures dropping to $360,000 at FTI Government Affairs in 2024, compared to $1.24 million in 2023.
International Market Strategy
In El Salvador, Tether expanded its presence through multiple channels:
- Bitfinex Securities obtained the first Digital Asset Service Provider license
- Investment in Volcano Energy for Bitcoin mining operations
- Partnership with the Bukele government through DMM Consulting
European operations underwent restructuring after the implementation of MiCA regulations. Tether discontinued Euro Tether but maintained market presence through investment in Quantoz Payments, which utilizes Tether’s Hadron platform for Euro-based stablecoins.
As institutional adoption grows, Tether’s market capitalization increase of $50 billion in 2024 reflects strengthening confidence in the stablecoin sector, despite ongoing regulatory scrutiny and market volatility.
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