Cantor Fitzgerald CEO Howard Lutnick, President-elect Trump’s Commerce Secretary nominee, wants to launch a $2 billion project to lend dollars to clients against Bitcoin.

As part of the setup, Cantor Fitzgerald would receive support from Tether, the company behind the world’s largest stablecoin, to help fund the initiative.

According to the Wall Street Journal, the proposed program is expected to scale to tens of billions.

Cantor Fitzgerald currently serves as Tether’s custody provider for billions in U.S. Treasuries backing the USDT stablecoin. The report also indicates Cantor has acquired approximately 5% ownership in Tether, valued at $600 million.

Cantor has already begun staffing for the lending program, but formal lending operations haven’t commenced.

As Lutnick prepares to transition to the Commerce Department, he plans to delegate oversight of the firm’s Tether relationship to colleagues. His son, Brandon Lutnick, who previously interned at Tether’s Lugano, Switzerland office, currently works as a Cantor trader.

The development comes as Trump’s transition team considers creating a new White House position for crypto policy. Trump has recently emerged as a vocal digital asset supporter. He promoted projects, including World Liberty Financial, associated with his sons. If confirmed, Lutnick would oversee nearly 47,000 employees at Commerce, managing functions from the Census Bureau to trade promotion.

Despite the developments, Tether continues to face regulatory scrutiny over potential sanctions violations and anti-money laundering concerns, which the company denies. However, despite the allegations, USDT remains the largest stablecoin with over $132 billion in market cap.

Trump and Lutnick have maintained a professional and friendly relationship over the years, primarily shaped by their shared involvement in the finance and real estate sectors.

In addition to hobnobbing at events over the years, Lutnick hosted fundraisers for Trump during his presidential campaign.