Cantor Fitzgerald CEO Howard Lutnick has endorsed the legitimacy of stablecoin issuer Tether on Tuesday. This is a response to one of the biggest questions in crypto as USDT has grown over the years: Does Tether really have the money that it claims it has?

He said, “They have it,” during an interview on Bloomberg TV.

This is a strong endorsement for Tether from an influential and prominent Wall Street figure. Cantor Fitzgerald, Lutnick’s bond trading house on Wall Street, is one of the 25 primary dealers in the United States Treasurys and allows direct trades with the Federal Reserve.

The stablecoin issuing company has been scrutinized for years because it supports USDT. With a market capitalization of over $95 Billion USDT remains the most popular stablecoin on the planet.

Lutnick said, “I manage their assets.” He brought up crypto during the live interview from Davos in Switzerland. “From what we’ve done, and I have seen it myself, they do have the money that they claim to have.”

Lutnick appeared to be referring to Tether’s latest Attestation Report which indicated that the company held $86.4 billion in assets as of September 30 against $83.2 in liabilities.

In the past, Tether had a large portion of its reserves in commercial paper. This worried some observers. The latest attestation reports show that USDT is backed primarily by U.S. Treasuries. These are widely regarded as among the safest assets around the world. There are no commercial paper holdings.

The industry is still not convinced of the quality Tether’s assets. Recently, the credit rating agency S&P Global’s low score for stablecoin reinforced these concerns. This is because it judges “the quality and value of the asset that backs the stablecoin”, as well as other characteristics, such as governance, transparency and redeemability.

USDT users are still waiting for a formal audit, which would provide a more accurate picture of the company than a simple attestation.

Lutnick previously stated that he was a Tether fan. Cantor Fitzgerald holds Treasury for stablecoin issuers.

Lutnick, when asked about the current most prominent crypto topic – the listing and approval of more than a dozen spot Bitcoin exchange-traded fund (ETFs), questioned the true value of bitcoins and stablecoins in the United States. He argued that crypto currencies in the US are attractive as speculative investments, while in other countries, like Argentina, Venezuela, and Turkey, crypto is held for more substantive reasons.

He said: “This is an asset that we can speculate on, but in countries such as Argentina, Venezuela and Turkey, crypto assets, stablecoins are important.” It’s a means to keep the dollar.

Read more: Cantor-Fitzgerald CEO Howard Lutnick is a Bitcoin Maxi fan and a Tether fan

Aoyon A. Ashraf is the editor.