Tether’s reserves do exist. Cantor Fitzgerald CEO says

Cantor Fitzgerald LP Chief Executive Officer Howard Lutnick said his firm has reviewed some of Tether Holdings Ltd.’s balance sheet as the stablecoin issuer’s custodian and confirmed it holds the money it says it does. Tether reported assets of about $86 billion at the end of June to back about $83 billion of its USDT stablecoin, Lutnick noted. He said Cantor Fitzgerald manages “many many” of those assets for Tether, which serves as a foundation for much of the cryptocurrency market and has faced speculation for years that its coin wasn’t backed one-to-one with dollars as claimed.