Tether is using Cantor Fitzgerald to manage its $39 billion bond portfolio, according to the Wall Street Journal. Cantor Fitzgerald is one of 25 primary dealers in the US Treasury market that can trade directly with the Federal Reserve and guarantee the sale of US government bonds. Earlier this week, Tether said it held $67 billion in reserve assets, of which $39.2 billion is in US Treasury bills. The rest of the reserves are held in money market funds, cash and other liquid assets.