Stablecoin issuer Tether (USDT) is reportedly using Wall Street financial institution Cantor Fitzgerald to manage its $39 billion bond portfolio, Wall Street Journal reported Feb. 10.

According to the report, the stablecoin issuer began using Cantor Fitzgerald in 2021 after it reached a settlement agreement with a financial regulator over the management of its reserves.

WSJ reported that the portfolio suggested that Wall Street firms might be willing to do business with crypto firms despite the regulatory uncertainty in the industry.

Cantor Fitzgerald is one of the few firms directly trading with the U.S. Federal Reserves because it is a primary dealer for the U.S. Treasurys.

Earlier this week, Tether reported that it held assets worth $67.04 billion as of Dec. 31 — the assets included $39.2 billion of U.S. Treasury bills. Its other assets were held in money market funds, cash, corporate bonds, precious metals, and other items.

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