The supporter behind Tether, Howard Lutnick, is a major fundraiser for Trump

ChainCatcher news, according to DL News, with Trump's victory, crypto users are flocking to the stablecoin Tether. DefiLlama data shows that since the conclusion of the U.S. elections on November 6, Tether's total market capitalization has increased by nearly 6%, surpassing $127 billion.

The rise of Tether has brought Cantor Fitzgerald CEO Howard Lutnick into the spotlight. Cantor Fitzgerald manages U.S. Treasury bonds for Tether, and Howard Lutnick has repeatedly vouched for this stablecoin giant, which has faced intense scrutiny over the years for refusing to disclose a complete audit of its reserves.

It is reported that Howard Lutnick is a major fundraiser for Trump and co-chair of Trump's transition team. Now that Trump is set to take office in January next year, Howard Lutnick is expected to secure an important position in his cabinet, reportedly being one of the candidates nominated by Trump for Secretary of the Treasury, with Polymarket predicting a 26% chance of his nomination.