Source? I'm seeing Fitzgerald say "Cantor Fitzgerald manages 'many many' of" Tether's assets (not all) and that he can vouch for their balance sheet [1]. But not that Cantor manages all of its assets nor that it's all in Treasuries.
[1] https://www.bloomberg.com/news/articles/2024-01-16/tether-s-...
I personally would take this with a grain of salt as they have a direct financial interest in Tether looking solid and prestigious and continuing its present operations.
I am old enough to remember when investment banks touting their mortgage backed securities business before the collapse in 2008.
What I am getting is that he simply said that he holds some of tether’s assets. Why and how would that make him privy to the entirety of tether’s balance sheet?
He says that Tether can redeem any request because his company holds their money. If Tether is unbacked this is security fraud