One of Tether’s Bank Partners Caught Up in Assets Seizure

On the surface, Tether, the largest stablecoin issuer in the world, might appear to be a formidable force in global finance. It owns more than $100 billion in U.S. Treasury bills, mostly held at Cantor Fitzgerald, the investment bank formerly led by U.S. Secretary of Commerce Howard Lutnick. But a U.S. government seizure of bank accounts held in the name of an obscure company based in Sacramento, Calif., in recent weeks shows how Tether still relies on a web of sometimes unstable...