Howard Lutnick, Donald Trump’s pick for Commerce Secretary, is in talks with Tether to launch a $2 billion project lending dollars to clients against Bitcoin.

Howard Lutnick’s firm, Cantor Fitzgerald, is in talks with Tether for financial support to fund a project that could reach tens of billions of dollars.

Tether and Cantor did not respond to requests for comment outside business hours.

Tether relies on Cantor to hold billions of dollars in Treasuries backing its stablecoin, generating tens of millions of dollars annually for Lutnick’s firm.

Earlier this week, Trump announced he would nominate Wall Street CEO Howard Lutnick to head the Commerce Department, overseeing trade, tariffs, and the U.S. Trade Representative’s office.

Lutnick is known for promoting the adoption of cryptocurrency.

The Commerce Department, with nearly 47,000 employees, oversees a wide range of functions, including the U.S. Census Bureau, weather forecasting, ocean navigation, and investment promotion.

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