Cantor Fitzgerald, a financial services firm primarily owned by billionaire Trump loyalist Howard Lutnick, has been revealed to hold a nearly 5% stake in the world's largest stablecoin issuer, Tether, according to a Wall Street Journal report.

Cantor Fitzgerald has agreed to a 5% ownership stake in Tether valued at approximately $600 million, according to the Wall Street Journal.

Howard Lutnick, CEO of Cantor Fitzgerald, is nominated as Commerce Secretary, which could affect U.S. crypto rules. His firm owns 5% of Tether and handles most of its reserves. He also introduced a $2 billion Bitcoin lending program.