Howard Lutnick, chairman of Wall Street trading firm Cantor Fitzgerald, is in discussions with Tether’s Giancarlo Devasini about Cantor’s multi-billion dollar program that will allow clients to borrow money using bitcoin as collateral, the Wall Street Journal reported on Sunday.

First announced in July, the lending initiative will start with $2 billion in funds, which could eventually grow to tens of billions of dollars. Tether’s potential inclusion in the project signals a deepening of the relationship between the stablecoin issuer and the trading firm.

Cantor — which has been the custodian for Tether’s U.S. Treasuries since 2021 — has also acquired a 5% stake in Tether, which issues the USDT stablecoin, worth around $600 million, according to the same report.

Tether operates the world’s most widely used stablecoin. Referenced to the U.S. dollar, it has a market cap of $132.76 billion, according to CoinMarketCap.

But the token has drawn scrutiny for its use by illicit actors, including those involved in scams, money laundering and sanctions evasion. Last month, the Wall Street Journal reported Tether was under investigation in the U.S. for possible violations of sanctions and anti-money laundering rules.

Tether branded the report “irresponsible” and accused detractors of glossing over its history of working with law enforcement and its efforts to crack down on misuse.

Under the Biden administration, several cryptocurrency firms faced regulatory crackdowns. Trump’s administration has indicated it will reverse course, with the president-elect and his family having launched several cryptocurrency projects, most recently World Liberty Financial.

Within Trump’s circle are several crypto advocates including Lutnick himself, who has taken on a key role in Trump’s team. He is currently serving as co-chair of the transition team and last week became Trump’s pick to lead the U.S.Department of Commerce, a role that would position him to influence the U.S. crypto landscape.

Lutnick said last week that if his position is confirmed he will step down from Cantor, as well as his positions at BGC and Newmark.